Getting your USDA RD mortgage pre qualification in advance is important on many levels. First is demonstrates to the home sellers that your qualified for home loan financing. Equally important is it lets you (prospective homeowner) know exactly all the numbers. How much your pre qualified for, the amount of your mortgage payments, closing costs, etc. It is generally a good idea to insure your are prequalified for your USDA loan a few weeks before you plan to start looking for that special home.
So, what do you need to be prepared for the USDA pre qualification approval process? What questions will be ask?
Be sure you know the exact amount income you make on a yearly basis. If paid hourly, know your hourly rate and also the frequency of any overtime, etc. Be sure to also the amount of income other members of your household make, even if they are not on the mortgage with you. This is important for USDA household income eligibility, read about USDA income limits here. Also be sure you have a detailed two year work history – the name, address and phone number of all employers over the last two years.
- Living history – Two year living history will be needed. Your past address, length of time, and name/number of landlord.
- Assets – Name of financial intuitions, balance of each account and account numbers.
- Information about your debts will not be needed as this is generally obtained from your credit report automatically. However, you will be asked about any child support or alimony requirements you may have.
- All the other information is generally things you know by heart – date of birth, social security number, etc.
The USDA loan pre qualification process generally takes 20 min over the phone. Once your USDA pre approval is complete, your assigned loan specialist can review all the numbers with you and issue your letter of prequalification.
At this time is always a good idea to gather up all the documentation needed by your USDA loan specialist. Once they receive and verify your documents, your USDA pre qualification will be reviewed for a full pre-approval. Keep in mind, pre qualification is generally a “basic” review of the information your provided. A complete pre APPROVAL is total verification of all your loan documents and the information provided by the underwriter. The complete USDA pre approval will generally be looked at better when dealing with home sellers.
What paper work will you need to obtain the full USDA pre approval? Below you will find a basic list, some extra documents may be needed in addition to the list below depending on your situation. Each loan case is different.
- Last (2) most recent pay stub
- Last (2) most recent years tax returns
- Last (2) most recent bank account statements
- Last (1) most recent retirement account statements if you have one of these accounts. 401K, IRA, etc.
- Copy of ID and social security card.
Interest in applying for a USDA home loan? Please visit our main web site by clicking here.
USDA Mortgage Source is Florida’s LOCAL leader for all 100% USDA / Rural home loans. We service all of Florida including Lakeland , Ocala , Deland , Lake City and everywhere in between.
Questions? just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here. You can also contact us at 7 days a week at ph: 800-743-7556
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