With a large Builder base of clients here in Florida we have grown to realize that there are 2 types of first time home buyers building their dream homes.  The ones that truly believe they are qualified and ready to close once the home is completed.  And the ones that actually know they are qualified.  Are you really qualified?

Every week we speak with new home buyers who have been pre-qualified to start construction and months later cannot seem to get an OK to move forward with their, already pre-qualified FL mortgage.  It seems the loan officer never asked to review income tax returns, needed to evaluate any unreimbursed expense write offs.  These  must be deducted from the income used to qualify for their FHA, VA or conventional type mortgage.

We recently had a buyer (truck driver) who earns approximately $20,000 per year; yet consistently writes off about $13,000 in unreimbursed expenses.  He was seeking an FL FHA home loan and was turned down after 4 months with is previous mortgage lender.  Go figure!  It is unfortunate the lender waited 4 months to ask for documentation that would have been beneficial in the beginning, prior to making the decision to start construction and building hopes.

Everyone wins when buyers are working with experienced FL Mortgage Professionals.  Sometimes buyers do need a little coaching with respect to credit, or in this topic, unreimbursed expenses for future opportunities to purchase their dream home.  If you need a second set of eyes to review your true qualifications on a FL home mortgage; please contact us at today or call 407.733.6425.

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751