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Leesburg Mortgage Program Options

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Mortgage and Lending

Leesburg Mortgage

All the Government home loans (FHA, USDA and VA) generally require the same things when getting pre approved. Here are several key points to think about when deciding to apply for a Government home loan.

Credit Evaluation:

In most cases a 640 FICO score is necessary to get approved for the USDA government home mortgages today. Other programs like  FHA and  VA loans can be done with 620 scores, some cases even lower with sizable down payment.  In addition do not forget that a credit score requirement DOES NOT guarantee loan approval, just about all banks and lenders have even more waiting conditions concerning home buyers having any previous bankruptcy proceedings, property foreclosures, or short sales. Even more time is also required for USDA Rural loans. A clean One year monthly payment history on any other consumer credit lines is crucial to look after.

Income:

It must be consistent and documentable in 2015. The times of said income or no documentation loans are gone. Showing income properly will often present an issue with self employed or 1099 workers, particularly those who have not been independently employed for not less than 2 years. Finance companies and banks frequently wish to see a Two year employment history. Minor interruptions in ones history of employment might be okay, just as long the gap isn’t a long time, or unexplained. Recent college graduates usually are exempt from the 2 year employment regulation.

100% USDA Loan

These loans are available to just about any homebuyer wishing to buy a dwelling with a rural listed location. All of Lake County Florida is eligible and approved as of November 2014.   Click here for the USDA eligibility map. USDA loans usually have earning restrictions in accordance with the amount of family members in the home, county, etc. Please USDA, collectively with VA, are the only residential loans in Florida that have 100% financing with NO down payment. Read all the USDA FAQ’s here.

 

Further Lake County, Leesburg Florida mortgage options:

FHA Home Loans

These financing options are found across Florida for any home buyer that is approved. FHA home mortgages have to have a minimum 3.5% down-payment, there are no net income limits, regulations or property location disadvantages. Contact us to learn all about FHA mortgage loan standards in Florida.

VA Home mortgages

Offered to all eligible prior and existing armed forces members. VA is one of only two home loans that allows 100% financing.

  • VA 100% financing home purchases: Most conventional lenders require at least 10% down payment which is not possible for many Veterans and military families. FHA requires a 3.5% down payment and has very high monthly mortgage insurance. Because a VA Mortgage is guaranteed to the lender (by Veterans Administration) they do not require a down payment.
  • VA loans do not have mortgage insurance (PMI): Even with $0 down payment, a VA Mortgage does not have mortgage insurance (PMI) as part of the monthly payment. Conventional programs with less than 20% down and FHA both have expensive mortgage insurance that can cost buyers several hundred dollars every month.
  • VA loans have very low interest rates: Because VA Mortgages are guaranteed by the Department of Veterans Affairs, the risk level associated with default is much lower. As a result the interest rates are usually lower than a conventional program with less than 20% down. Like a VA loan, FHA and USDA loan programs are also backed by the government and have similar interest rates.
  • Easy qualifying criteria: VA Mortgage guidelines are more flexible than many other loan programs. The VA mortgage is guaranteed by the government and most lenders have lower credit requirements, making them easier to qualify. Current minimum credit score requirement for most lenders is 620.

 

Homeowners that presently have a VA, USDA and FHA loan should look into the wide range of streamline loan refinancing alternatives available at this time. Interest rates are currently the lowest they have been all year. All these products allow the home owners to re-finance REGARDLESS of the mortgage loan to value. If you now have a USDA Mortgage loan, contact us to find out more about the USDA Pilot refinance program. Homeowners that have a VA loan can click to learn more about the VA IRRRL Refinance Program.  Homeowners with a FHA can learn more about the FHA Streamline Refinance here.

 

Please visit us at www.FiveStarsMortgage.com or call 800-871-2636 for more information. We are available to assist you until 8pm - 7 days a week.

 

 

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 Five Stars Mortgage

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