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What You Must do to Get Pre-Approved for a USDA Loan

In order to get pre-approved for a USDA loan, your USDA lender will want to look at specific documents. Be prepared to provide proof of employment, pay stubs, two years of W-2s or tax returns and proof of assets for your closing costs. The USDA lender will look at your income to see if you qualify. It is possible to have too much income and not qualify for the program. In order to qualify you need to have stable employment and a minimum credit score of 640.

Key Takeaways:

  • The USDA financing pre-approval process for a loan is quick and painless and it is also a time saver.
  • For the pre-qualification process for a loan, the lender doesn’t take a look at your credit records but for the pre-approval, the lender does.
  • Some of the documents the lender will evaluate for a USDA loan include paystubs for the last 30 days, and taxes for the last two years for the self-employed.

“Before we start, you should know that there’s a difference between the pre-qualification and pre-approval.”

Read more: https://www.blownmortgage.com/must-get-pre-approved-usda-loan/

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