What do you need to get pre-approval for getting a USDA Rural housing loan in Weirsdale?
It’s actually still rather straightforward taking into account all the new changes that have occurred in the mortgage market during the last 4 years. Mortgage loans in 2013 are “back to basics” most of the time. Long gone is the time of getting qualified for a loan without any income, a bad credit score, etc. Buyers at present which have reasonable credit, stable documentation of earnings and acceptable debt routinely have no trouble finding pre-qualification for a home mortgage today.
All of the Federal home mortgages (USDA, VA and FHA) primarily require the same things in order to get pre-approval.
Let’s consider a number of main points to consider when making a choice on a government loan program.
Your Credit Status
In many instances a 640 credit rating is required to become pre-approved for the federal mortgage loans today, including FHA, USDA and VA. Also bear in mind a 640 credit rating does NOT guarantee home loan agreement as all lenders and banks have more waiting standards concerning home buyers with any previous bankruptcy proceedings, foreclosed properties, or short sales. Added time may be needed for USDA Rural loans. A clean One year monthly payment history on any other credit lines is vital to manage.
It needs to be long-standing and documented in 2013. The era of stated income or no documentation loans are gone forever. Recording earnings properly could possibly pose a huge concern with self employed or 1099 individuals, specifically those that have not been self employed for no less than two years. Finance companies and banks normally need to see a 2 year employment history. Modest gaps in a person’s history of employment are ok, as long as the time isn”t too lengthy, or unexplained. Recent college or university graduates are usually exempt from the Two year employment regulation.
100% USDA Solutions
These financing options are offered to any home buyer thinking about purchasing a home with a rural listed geographic location. Click here for the USDA eligibility map. USDA loans usually have income rules depending on number of family members in the home, area, etc. Please click here for more information on Florida USDA income constraints. USDA, alongside VA, are definitely the only mortgage loans in Florida which offer 100% loans with NO downpayment.
Even more Marion County and Weirsdale, Florida mortgage solutions:
FHA Home Loans
These financing options are readily available across Florida for any home buyer that is approved. FHA mortgages need a min 3.5% down payment, so there are no revenue constraints, restrictions or property location policies. Contact us to learn all about FHA loan standards in the state of Florida.
VA Lending options
Offered to all eligible prior and present armed forces members. Please contact us to learn more about VA home mortgages in Florida.
Homeowners that presently have a FHA, USDA and VA loan should investigate the diversity of enhanced refinance mortgage loan options available at this time. These packages permit homeowners to refinance REGARDLESS of the mortgage loan to value ratio. If you currently have a USDA Mortgage loan, contact us to learn about the Pilot program. Interest rates are now at historical low levels!