COVID-19 Update: Mortgage Lending in Tampa Bay Frequently Asked Questions

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With governments instituting tighter shelter in place restrictions and businesses shifting to the work-at-home model during the COVID-19 crisis, we want you to know that we are working closely with all our partners to be able to meet your real estate needs as efficiently as possible. 

While our current situation is unique, we know that securing a low-interest rate is an important step in making an informed decision before purchasing a new home, and our team can guide you with personalized mortgage solutions. Our Mortgage lender, VanDyk Mortgage, is still generating individualized loan programs and has updated us on the market situation answering frequently asked questions regarding lending in Tampa Bay:

 

What is going on with appraisals?

While some appraisers are rejecting assignments, the majority are moving forward. Fannie Mae is accepting drive-by or desktop appraisal when we are unable to obtain a traditional appraisal. Many companies are working with skeleton crews during these difficult times so please allow for additional time to close as the appraisal process may take longer.

 

What happens if I lose my job before closing?

You need to be employed at the time of closing IF the income from the borrower who lost their job is needed to qualify for the loan. Without the income, the loan will not close or fund. If the income from the recently unemployed borrower is NOT needed for the loan, then the loan will close as planned.

 

Are you still able to verify employment?

All lenders will do a re-verification of employment at a minimum of 10 days prior to closing.  With the current situation, we may not be able to use traditional methods to verify employment and will rely on alternative methods. These alternative verifications will be accepted and we do not expect any delays in the process if employment has remained.

 

What happens if I am on temporary leave?

If there is a leave of absence with one of the borrowers, and the borrower intends to return to work prior to the first payment due date, we may use their income to qualify. Many employees have been furloughed depending on their industry. Some of these situations, we can work with and still move forward with securing a loan. 

 

Interest rates are low and real estate transactions are happening every day. You may have more questions and need more guidance during this unique time, but we are here to help.  While COVID-19 has effected our markets globally, we have been in business for fifty years and have seen our share of market ups and downs. As always, it is our commitment to provide a seamless home buying or selling experience and we are able to do that while keeping our community’s safety a priority. Connect with a Smith agent today, click here.

 

 

Posted on March 25, 2020 at 5:35 pm
Aimee Albright | Category: Company News, Industry News | Tagged , ,

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