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Successful Government Mortgage Approval

 
In this post we will highlight some important things to insure you have success when applying for a government home loan.  All the government loan programs  - FHA, VA and USDA offer advantages for home buyers. The most important advantage is they still allow Florida home buyers to purchase a home with little or no down payment.   Florida first time home buyers will find the information below especially useful.  It's good to know what you need do before applying for a home loan, as well as the process after you sign a contract to purchase a home.
 
Before you submit your application:
What loan program is right for you? Of course your loan advisor can talk to you about the pro's and con's with each and assist you with making the best choice. The FHA mortgage is widely available through Fla and requires a 3.5 percent down payment. The USDA Rural Housing loan is 100 percent financing, but this program is only available in certain designated rural locations. Read all the USDA FAQ's here.  The VA mortgage is also 100 percent financing, but only available to military. How much current debt?
Lenders and banks can vary on exact debt to income ratio ... more

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