Many prospective Florida home buyers have questions regarding the process of actually applying for a USDA mortgage. Below we will outline the steps and what buyers can expect during the USDA loan application process.
The first step involves a general conversation with your USDA Rural housing specialist to discuss your needs and goals. During this time your USDA specialist will get a better idea of what you are looking to achieve and have suggestions to help you meet your goals. Once this is complete the specialist can start a USDA loan application with you.
The USDA loan application process generally takes around 20 min to complete. During the USDA application process your specialist will ask you questions about your income, assets, job history, and living history among other things. Most of the information requested for your USDA loan application will be things you already know by heart – your birth date, social security number, etc. Just be sure you know your exact income (salary or hourly rate) because this is important. You will probably also be asked to provide copies of income and asset documentation. This includes tax returns, W2, and bank statements.
Once the rural housing application is complete your USDA specialist will review everything, including your credit report, to insure your application meets the USDA guidelines and requirements. The review process is generally completed in the same day! Once your USDA application review is complete the loan specialist will contact you to discuss the details regarding pre approval amount, payments, interest rates, etc.
At this time you will also receive a letter of pre qualification stating the amount you are approved for. You are free to start your home search at this time. Once the loan specialist receives all of your required underwriting documentation, they can submit your loan for full pre approval. This is when all the information you provided on your USDA loan application is checked verified by the USDA underwriter.
Again, the entire process of application is pretty quick and will only take around 20-30 minutes to complete. 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
USDA Mortgage Source is Florida’s leading provider of all Government home loans. Serving you 7 days a week please visit us at www.USDAMortgageSource.com for more information.
Not eligible for the USDA home loan? Check into the FHA home loan at www.FhaMortgageSource.com
Orlando FL, Tampa FL, Jacksonville FL, St. Augustine FL, Tallahassee FL, Pensacola FL, Gainesville FL, Ocala FL, Sarasota FL, Lakeland FL, Daytona Beach FL, 2015