Listed below are some of the basic steps for the USDA loan application pre qual process. We understand the home buying process can be difficult especially for first time buyers, the information below should help. Please visit www.UsdaMortgageSource.com for the latest information on Florida USDA loans.
USDA RD Application Process:
To begin, the lender will go through a standard USDA loan application. The process generally takes 15 min to complete and be done face to face, online or over the phone. During the application process you will be asked some common questions – most of the information you will know by heart so no need to be nervous. Name, birth date, social, two year living history, employment history, basic income and asset information, etc. Once the application is complete the lender will review your credit, employment, debt, and determine if you are pre approved for the USDA loan. The loan officer will also review all the borrowers information for USDA eligibility purposes regarding household income limits, location, etc. For your property to be eligible it must be located in a rural area or a town MSA with a population of less than 20,000 residents. Homebuyers can find the USDA approved location map by clicking here. Also, your HOUSHOLD gross income must be less than 115% of the US median income in that county. You can find the USDA income limits here. Finally, the USDA advisor will review your credit information and current income to make sure you are capable of repaying back the loan. Once this is complete the loan officer will review with the homebuyer the pre approval amount, projected payment, and assign your pre approval letter.
Loan application complete, pre approval letter in hand. What’s the next step?
Ok, you have your pre approval letter showing the amount you are pre approved for, let the home search begin! Basically during this time you will meet with your realtor and determine what home is right for you. Once you find the perfect home and are in complete contract, the inspections, USDA appraisal and underwriting process will begin. The lender will be working closely with all parties involved during his time. The entire process for paper work, underwriting and inspections generally take a few weeks to complete. Once this is complete, the file will be sent to the local USDA office for final approval. At the USDA field office your loan will be thoroughly reviewed and all your credit and financial information will be taken into consideration. This verification process generally takes 2 -5 weeks to complete as of 2013. Assuming everything is approved, your lender will draw up the necessary documentation and your loan will typically close a few days after.
Remember, the Florida USDA loan application and pre qualification process is very similar to more common loans like FHA or Conventional. The only real difference between the two is that USDA loans are submitted to your local USDA office for a secondary approval process. This does require some extra time when compared to standard mortgages. But the extra time is a small price to pay considering USDA is the only loan is Florida’s best choice for 100% no money down financing!
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