Below have outlined the fundamental steps for the Rural Housing loan approval process for Hillsborough / Pasco County first time buyers. We understand the home buying process can be complicated especially for first time buyers, the insight below should help. Please visit http://www.UsdaMortgageSource.com for the latest information on Fla RURAL DEVELOPMENT loans in the Tampa area.
USDA Rural Housing Process: Tampa, Hillsborough – Pasco County
To get started the lender will go through a standard USDA loan application. The process generally takes 20 min to complete and can be done face to face, online or over the phone. During the application routine you’re going to be asked some common questions, the vast majority of information you will know by memory so no need to be anxious. Name, birthday, social, a couple of year living history, job history, standard income and asset info, etc. As soon as the application is finished the loan company will examine your credit, work, financial obligation, and assess if you are pre approved for the USDA financing. The mortgage officer will also review all the applicants important information for USDA RD qualifications purposes about household earnings limits, location, and so on.
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.
Application complete, pre approval letter in hand. What’s the next step?
Okay, you’ve got your pre approval document detailing the amount you are pre approved for, let the house search start! Essentially during this time period you’re going to speak to your real estate agent and see exactly what house is ideal for you. Once you discover the best house and are in full contract, the inspections, USDA RD appraisal and underwriting procedure starts. The loan originator will be working closely with all people involved throughout this time. The complete process for paperwork, underwriting and inspections usually takes a couple of weeks to finish. As soon as this is complete, the file will soon be delivered to the area USDA RD office for final approval. From the USDA field office the loan will be completely evaluated and all your credit and financial info will be taken into account. The verification process commonly requires a week or so to complete as of 2014. Assuming everything is accepted, the loan company will prepare the essential paperwork and the loan will likely close a couple of days later.
Remember, the FL USDA RD application and pre qualification process is quite the same as more prevalent mortgages like FHA or Conventional. The only real difference between the three is that USDA RD mortgages are sent to the local USDA RD office for a second endorsement process. This will require a little time in comparison to the standard mortgages mentioned above. However, 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 mortgages!
Serving all of Hillsborough & Pasco County – Tampa, Brandon, Riverview, Ruskin, Valrico, Land O’ Lakes, New Port Richey, Odessa, Port Richey, San Antonio, Shady Hills, St. Leo, Trinity, Wesley Chapel and Zephyrhills