Just last summer, you could write an offer and leave out the financing contingency even if you expected to get a loan. You sat across from a mortgage broker who said, “You need $10,000 a month in income to qualify for this loan. What do you make?” Even those who earned less could say, “$10,000″ and get approved without having to verify their income or assets.
Times have changed.
If you want to finance Steamboat real estate, here are some tips before you start to look around.
- Visit a lender before you start to look at properties. You can find out what you can qualify for and get a pre-qualification letter which can be an important part of your offer.
- Allow time to get the loan-usually 30-45 days. Ask your lender how long they will need to process and fund your loan and choose your closing date after that.
- Include loan and appraisal contingencies in your offer. Be sure to amend the dates if issues arise, otherwise you risk your earnest money.
- Buyers need credit scores above 720 or 750. You’ll also need to verify employment with W-2s or tax returns, verify your closing funds and reserve funds. (Down payment, etc.)
- Some lenders are requiring more than one appraisal, so leave enough time before the appraisal deadline.
- Expect to provide additional documentation up to the last minute until all the pre-funding conditions are met. Don’t take it personally when they ask you to provide more information.
- Work with a Steamboat lender. Steamboat has great mortgage brokers and local bankers who can guide you through the loan process. Call me for a referral.
Call me at (970) 819-6372 for more information on buying property in Steamboat Springs or Routt County. I will guide you through the process of finding the right place at the best price to taking the extra steps to make sure it closes.
Also, don't forget to visit the Steamboat Springs real estate blog for more Steamboat real estate news.
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