Orlando First Time Buyers 100 percent

First time home buyers around Orlando often ask what is needed to get pre-approved for a government home loan in Florida. The good news is that the mortgage application and pre qualification process is still pretty simple even with all the changes in the housing market over the last 6 years. First time home buyers today that have good credit, stable income and controlled debt typically have little issues getting pre approved for a mortgage.

All the Government backed mortgage loans like VA, FHA and USDA pretty much require the same things to get pre-approval. Let's take a look at a few things to take into consideration when choosing the best program for you!

Credit Score:

Today a 640 FICO score is pretty much the min standard needed to get pre-approved for most loan programs. There are additional requirements in place for any home buyers that have had a past bankruptcy, foreclosure, or short sale, etc. Sometimes even with meeting the min credit score requirement, extra time may be needed to be approved. A clean year long payment history on any other credit lines is important as well.

Household Income Level:

You have to be able to prove and document your income. Showing income effectively could possibly cause a problem with independently employed or 1099 workers, especially those which have not been independently employed for less than two years. Banks and lenders generally want to see a two year history of employment. Minor gaps in your entire history of employment are just ok, as long as the gap is not too much time, or unexplainable. New college grads are generally exempt from the two year employment rule.

Mortgage Programs available in and around Orlando FL:

100% USDA Mortgage, No Money Down

The USDA program is offered to any home buyer wishing to buy a home with a rural outlined geographic location. Many locations just outside of Duval County are eligible for the USDA program. Click here to view the USDA eligibility map. USDA loans will have earning guidelines in accordance with the amount of members in the home, county, etc. Please click here for more information on FL USDA income limitations. USDA and VA loan are the only two programs in Florida offering 100% financing. 

FHA Home Loans:

FHA mortgages are widely used across Orlando because of its limited down payment requirement. FHA mortgage loans need a minimum 3.5% down payment. In addition there are no income or location restrictions like the USDA loan. Buyers can learn more about FHA mortgage restrictions in Orlando FL at www.FhaMortgageSource.com

VA Home Mortgages 100% Financing:

The VA mortgage program is designed for all qualified prior and present armed forces members. Military home buyers can learn more about the Florida VA loan by clicking here.

Homeowners that currently have a USDA, FHA and VA loan should also check out the verity of home refinance choices available at this time. Interest rates are still low, plus many refinance programs will allow current homeowners to refinance REGARDLESS of the mortgage to value ratio.

Serving all of Central Florida including - Orlando, Winter Garden, Clermont, Orange, Lake County, Deltona, Deland, Osceola, St. Cloud, Kissimmee, Lakeland, Polk. Please visitwww.UsdaMortgageSource.com or call 904-302-6060 to learn more.