First Time Buyer Loan Pre Approval 2015

So how does a first time buyer get  pre-approved for a mortgage here in Florida?

Florida has started revealing indications of home buying recovery over the last few years. It is really a buyer's market right now and a great time to find out if you are a candidate for a 100% USDA Rural mortgage. It’s definitely still pretty easy taking into consideration all the changes that have happened in the mortgage industry during the last 5 years. Mortgages in 2014/2015 are back to real underwriting, etc.  Long  gone is the time of being eligible for a loan without any employment,  income, subprime scores, etc. Buyers the current market now buyers should have decent credit and reliable income.

All Government mortgage loans (FHA, USDA and VA) primarily need the same things in order to get pre-approved. Listed here are some of the main points to look for when making a decision on a government loan program.

Qualifying Credit Score:

Yes, this is still the main requirement looked at.  In many instances a 620 credit rating is needed to be pre qualified for the government home loans today, including FHA, USDA and VA. Sometimes sub 620 credit scores can be done on a case by case basis. Also don’t forget that your credit score DOES NOT 100% guarantee loan approval as some lenders have additional conditions regarding buyers of any prior bankruptcy, foreclosed property, or short sales. These are called “overlays”   More time will be needed for USDA Rural loans, it’s important for buyers to allocated a 40 day closing window.  But hey, it’s still 100% here in Florida.

Qualifying income:

It needs to be reliable and documented in 2014. The days of no income documentation mortgages are long gone in 2014.  Recording earnings effectively could possibly cause a problem with independently employed or 1099 workers, especially those who have not been independently employed for at least 2 years. Finance companies and banks generally are interested in a two year employment history. Modest gaps in ones employment history are fine, just as long the gap is not too much, or unexplainable.

100% USDA Loans:

These financing options are offered to any sort of homebuyer looking to acquire a dwelling with a rural listed vicinity. Click here for the USDA eligibility map. USDA loans do have income limits regarding the quantity of members in the household, region, etc. To learn all about the most common USDA FAQs, click here.    USDA, along with VA, are the only two home loans in FL that allow 100%, NO down payment.

Different Florida mortgage types:

FHA Loans:

FHA loans are offered across Florida to any home buyer that is eligible. FHA loans have to have a min 3.5% down-payment, so there are no income limitations, boundaries or location disadvantages. Contact www.fhamortgagesource.com to learn more about FHA home loan requirements in the state of Florida.

VA Mortgages:

Provided to all eligible previous and existing military members. Please click here to the right to about VA purchase loans in Florida.

Homeowners that presently have a USDA, VA and FHA loan should investigate the multitude of streamline refinance mortgage loan alternatives available on the market now. These types of programs allow homeowners to refinance REGARDLESS of the loan to value ratio. If you now have a USDA Mortgage, contact us to find out more about the USDA Pilot program. AS of October 2014, interest rates are at their lowest level of 2014.

Contact us ph: 904-302-6060 or visit www.UsdaMortgageSource.com for more info.

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