Many Jacksonville First Time Home Buyers want to know what is needed to get pre-approved on a USDA Rural housing loan Florida. The good news is that the mortgage application and pre qualification process is still pretty easy even with all the changes in the housing market over the last 5-7 years. Home loan applicants today that have good credit, stable income and controlled debt typically have little issues getting pre approved for a home loan.
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!
Today a 620 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. Extra time will be needed for USDA Rural loans. 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.
Home Loan Programs available in and around Jacksonville 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, accompanied by VA, have become the only two residential loans in Florida offering 100% funding with NO down payment.
FHA Home Loans
FHA mortgages are available across Florida for any home buyer that is approved. FHA mortgage loans need a minimum 3.5% down payment, so there are no income limits, regulations or location rules. You can learn more about FHA mortgage restrictions in the state of Florida at www.FhaMortgageSource.com
VA Home Mortgages – 100% Financing.
The VA mortgage program is designed for all qualified prior and present armed forces members. This is a very popular program around Jacksonville due to the large military presence. Military home buyers can learn more about the Florida VA loan by contacting us.
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 Northeast Florida including – Jacksonville, Orange Park, Stark, Keystone Heights, St. Augustine, St. Johns, Lake City, Live Oak, Clay and Duval.
USDA Mortgage Source is Florida’s leading USDA Rural Development loan resource. Questions? just submit the short info request form here anytime for fast service. You can also contact us at ph: 800-743-7556 7 days a week.