Getting your USDA 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 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 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.
The USDA pre qualification process generally takes 20 min over the phone. Once your USDA pre qualification is complete, your assigned loan specialist can review all the numbers with you and issue your letter of pre qualification.
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. Â 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.
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.Â We service all of Florida including Lakeland , Ocala , Deland , Lake City and everywhere in between. Please visit our main web site at www.UsdaMortgageSource.com or call 904.302.6060 to learn more about the benefits of 100% USDA / Rural Development home loans here in Florida. We are available to serve you 7 days a week.
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