It?s honestly still very simple considering all the changes that have occurred in the mortgage industry during the last 5 years. Mortgages in 2013 are ?back to basics? in most instances. Gone are the days of qualifying for a loan with no income, below-average credit, etc. Buyers today which have really good credit, stable documentation of income and reasonable debt typically have no trouble getting pre-qualification for a mortgage right away.
All Federal government mortgage loans (USDA, FHA and VA) pretty much require the same things to get pre-approval.
Let?s consider a number of key points to take into consideration when making a decision on a government loan type.
Your Credit Evaluation
In many instances a 640 credit rating is required to become pre-approved for any of the federal government mortgage loans today, including USDA, VA and FHA. But take into account that a 640 credit rating does NOT assure you mortgage loan approval as virtually all banks and lenders have more waiting demands regarding home buyers with any previous bankruptcy, real estate foreclosure, or short sales. Increased time will be required for USDA Rural loans. A clean 12 month payment history on any other consumer credit trade lines is essential to keep up with.
Net income Level
It has to be steady and documented in 2013. The times of stated income or loans without documentation are gone forever. Documenting income correctly can sometimes pose a huge concern with self-employed or 1099 persons, specifically those who have not been self employed for not less than two years. Finance companies and banks usually need to see a 2 year history of employment. Limited interruptions in your personal employment history might be ok, as long as the space isn?t too lengthy, or unexplained. Recent university or college graduates usually are exempt from the 2 year employment history rule.
100% USDA Mortgage loans
These loans are offered to just about any homebuyer looking to buy a house in a rural defined vicinity. Click here for the USDA eligibility map. USDA loans usually have earning limitations depending upon the quantity of members in the household, area, etc. Please click here for more information on Florida USDA income limitations. USDA, accompanied by VA, are the only mortgage loans in Florida which provide 100% funding with Zero down payment.
FHA Home Loans
These financing options are offered up and down Florida for any homebuyer that is approved. FHA home loans require a min 3.5% down payment, there are no revenue limitations, restrictions or location disadvantages. Contact us to learn all about FHA loan regulations in the state of Florida.
VA Lending
Available for all qualified prior and current armed forces members. Please contact us to find out more about VA mortgages in Florida.
Home owners that presently have a FHA, USDA and VA loan should look into the enhanced refinance options available today. These sorts of plans permit household owners to refinance REGARDLESS of the loan to value ratio. If you currently have a USDA Mortgage, contact us to learn about the Pilot program. Interest rates are presently at all-time low levels!
Please visit us at www.FiveStarsMortgage.com or call 800-871-2636 for more information.
Source: http://www.trulia.com/blog/florida_mortgage/2013/02/panama_city_beach_usda_fha_va_loan_approval
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