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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 Catanese, Real Estate Agent-Tampa, Fl

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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