• Call/Text: (813) 784-7744
    • Send Me an Email

The Tampa Real Estate InsiderThe Tampa Real Estate Insider

South Tampa Realtor

  • Menu
  • Home
  • Meet Rae
  • Search
    • Advanced Search
    • Map Search
    • Listing ID Search
    • Address Search
    • Browse by City
    • My Account
  • Buyers
    • Buying With Me
    • Featured Properties
    • Mortgage Calculator
    • My Listing Manager
  • Sellers
    • Selling With Me
    • Sold Portfolio
    • FREE Home Valuation
  • Communities
    • Channelside District
    • Downtown Tampa
    • South Tampa
    • Seminole Heights | Tampa Heights
    • Gulf Beach Area | St. Petersburg | Clearwater
    • Westshore Marina District
    • Downtown St. Pete
    • Cheval Golf Community
  • TREI Blog
  • Get in Touch
  • Rave Reviews

Buyers being unfairly scrutinized by lenders-Tampa, FL

Ever hear of a “Motivation Letter?”  You may if you are trying to purchase a home in today’s real estate market. Buyers in the Tampa Real Estate market are being put under the microscope by lenders.  This is what one of my clients had to supply to get a loan approved days prior to closing.  Shocking to say the least!  

Email from Lender:

The lender is requesting a “Motivation Letter” to explain and willingness to increase payment from his current residence. The new townhome is located in Ybor City and their concern is with occupancy as the location is among warehouses and vacant lots.  The borrower’s current unit is a high rise condo with amenities.

The new townhome may be larger but the borrower is single with less need for a larger home.   Also stated is your current address is residential and that a Corporation owned a unit in your building as a corporate rental That may be the reason  your address  is showing as non residential on the credit report.

 By the way, his payments are higher, however the monthly maintenance fee is lower than his current residence.  The lender didn’t take that into consideration, as his total payment will actually be less than what he is paying now.

This is the letter my buyer supplied as his “motivation” for wanting to purchase a new home.

The Citilofts townhome offers the following:

  • A private garage to secure my vehicle
  • Walking distance to shops
  • Walking distance to restaurants
  • Walking distance to movies
  • Walking distance to my place of employment
  •  Walking distance to nightlife
  •  2 assigned visitor spots for my townhome alone and plenty of street side parking
  • Access to the city’s trolley system to “extend” my neighborhood from the Ybor District to include Downtown and the Channelside District entertainment and shopping areas

 Therefore, it offers everything my current condo lacks. In addition, I am not sacrificing any amenities that my current condo offers since I don’t use them or benefit from them.

It has been noted that my current condo, One Laurel Place (201 W. Laurel Street) appears on some record as not being residential. I assure you, I have lived there for 9 years, it is 100% residential, a 97 condo unit 10 story building with no shops included on the property. There is one corporate owned unit used for corporate travelers that may be throwing your records off, but it in no way should be labeling the entire property as non-residential. 

Has this happened to anyone else?  Comments? email: realtyrae@yahoo.com  Rae Anna Conforti, Real Estate Agent-Tampa, Fl

Posted in: Financing and Mortgage News Tagged: buying real estate in tampa, Financing and Mortgage News

Post navigation

« Towers of Channelside Condos For Sale
Tips for Gasparilla Parade Tampa, Fl »

Search Our Blog

Search for:

Browse by Category

Browse by Topic

Best Neighborhoods in Tampa Best Places to buy a home buyers market tips Buying a Home buying real estate in tampa Channelside Condos For Sale Choosing the Right Realtor Condo Market News Condo Market Update Tampa current housing market in tampa florida Downtown Tampa Condos and Lofts Downtown Tampa Updates Financing and Mortgage News First Time Home Buyers First Time Home Buyer Tax Credit First Time Home Buying Advice Foreclosure Statistics Tampa FL Historical Neighborhoods-Tampa homestead tax exemption How to sell as short sale investing in condos Investing In Real Estate Luxury Home Communities new construction tampa property tax update Real Estate Investing Tampa real estate market tampa real estate news Relocating to Tampa sales statistics Selling Your Home Short Sale Process Tampa Short Sale Realtors Tampa South Tampa Real Estate Tampa Housing Market Tampa Real Estate Tampa Real Estate Market Tampa Real Estate News Tampa Realtors Tampa Relocation Guide Things to Do in Tampa Tips for Listing your home Tips for Sellers Top tampa realtors When is a good time to buy?

Explore Communities

  • Channelside District
  • Downtown Tampa
  • South Tampa
  • Seminole Heights | Tampa Heights
  • Gulf Beach Area | St. Petersburg | Clearwater
  • Westshore Marina District
  • Downtown St. Pete
  • Cheval Golf Community

Recent Posts

  • Why Use a Buyer’s Real Estate Agent Instead of a Listing Agent? Tampa, Fl
    Why Use a Buyer’s Real Estate Agent Instead of a Listing Agent? Tampa, Fl
    9 hours ago
  • Tampa Florida Extended Weather Forecast
    Tampa Florida Extended Weather Forecast
    1 day ago
  • Local Cultural and Social Events in Tampa
    Local Cultural and Social Events in Tampa
    1 day ago
  • Top 10 Downtown Tampa Condominiums for Sale
    Top 10 Downtown Tampa Condominiums for Sale
    1 day ago

Rae Anna Conforti

  • Call or Text Me

    (813) 784-7744

  • Send Me an Email

    Ready to Help

  • 1001 S. MacDill Ave

    Tampa, FL 33629

© 2021 Tampa Real Estate Insider | All Rights Reserved

Agent Reputation – Real Estate Website Design

Privacy Policy | DMCA | Sitemap