Clearwater FL Homes | Buyers need to Update Tampa Mortgages & Preapprovals
Clearwater FL – It’s a busy weekend with the National Open House event. Lots of people checking out Clearwater FL Real Estate. Before you get too excited…have you checked if your Tampa Mortgage preapproval is still valid or is it stale? As the federal home buyer tax credit nears its April 30 end-date (19 days and counting down), there’s a lot of would-be home buyers in Clearwater FL still working to get a home under contract – both first time home buyers and those taking advantage of the move up tax credit.
A piece of advice for all of you looking to buy a home right now: If your Tampa Mortgage pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be smart to have your mortgage lender “re-pre-approve” you. Here’s a short video I found on Youtube that explains the basic pre-approval process you may find helpful (of course you’ll want to talk to a local lender about your specific situation):
Why? Because we live in a dynamic lending market and the mortgage guidelines have been in flux and your original lender letter may now be invalid.
For example, over the past half-dozen months, the majority of Tampa mortgage lenders have reduced their risk tolerance can many of these items have tightened up with respect to:
- For Clearwater Homes for sale, buyers Maximum debt-to-income ratios have changed
- Minimum allowable credit scores for Clearwater Home buyers
- Calculation of “assets in reserve” when buying Fl homes for sale
For Clearwater Beach buyers of Clearwater FL condos for sale and co-ops, even the subject property itself is coming under tighter guidelines and tougher scrutiny. We’ve written about some of these changes before:
Clearwater FL Homes for Sale – Related Articles:
- Clearwater FL Homes for Sale Haunted by FHA Appraisals
- Clearwater Beach Florida Buyers Must Know 6 Reasons Cash May be the ONLY Purchase Option
- Clearwater Fl Homes for Sale – 5 Home Seller Myths Expose The Emperors New Clothes
Today’s Tampa mortgages require applicants need to be strong on all fronts to make lenders comfortable based on the current risk and problems they’ve experienced. Did you know that it takes more than just good income and credit to get approved anymore and today’s home buyers should revisit their qualifications.
What passed underwriting to get a loan approved in January may not still pass in May. We recently had a client surprised by the fact that even though they had lots of income and verifiable assets their low credit score kept any lender from being willing to finance their mortgage even when planning to put 50% down. Luckily for them, in 3 months they were able to clean some things up and raise their score so we’re set to close next month.
Being pro-active brings other advantages, too. If a mortgage re-pre-approval does unearth an issue, it’ll be easier for every party to the transaction to address and correct it up-front versus trying to clean up a mess once a home’s already under contract and racing the deadlines.
Got questions, just give us, your local Clearwater FL Realtors a call or talk to your loan officer about your pre-qualification/pre-approval letter before you bid on a Clearwater FL home.
So if you’re looking for Clearwater FL Realtors we’d like you to know that we are passionate about being your Clearwater real estate advocate. We’re committed to delivering Results daily based on Integrity, Knowledge & Experience – helping you find the perfect Clearwater FL homes for sale.
We’d like to be YOUR Clearwater FL Real Estate Team!
Call Cyndee @ 727.710.8035 or Jack @ 727710.8036
Cyndee and Jack Haydon
Charles Rutenberg Realty
Clearwater Real Estate Office
1545 S. Belcher Rd
Clearwater Florida 33764
727-710-8035 (Cyndee’s cell)
727-710-8036 (Jack’s cell)