As the federal home buyer tax credit nears its April 30 end-date, there’s a lot of would-be home buyers in Lakeland still working to get under contract.
A piece of advice for all of them : If your Lakeland mortgage pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” you. 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 mortgage lenders have reduced their risk tolerance with respect to:
- Maximum debt-to-income ratios
- Minimum allowable credit scores
- Calculation of “assets in reserve”
For buyers of condominiums and co-ops, even the subject property itself is coming under tougher scrutiny.
Today’s mortgage applicants need to be a complete package. It takes more than just good income and credit to get approved anymore and today’s buyers should revisit their qualifications. What passed underwriting in January may not pass in May.
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.
Talk to your agent and your loan officer about your pre-qualification/pre-approval letter before you bid on a home.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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Yes I agree with you. At this time of the year, there are a number of people thinking of getting under contract and a perfect time for re-approval of Lakeland mortgage. Most of the time we overlook minute details that should be asked from the loan officer and it results in a mess.
Thanks for sharing this post with us.
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