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Home Buying in 33442 : Real Estate Advice

  • All25
  • Local Info2
  • Home Buying8
  • Home Selling8
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Activity 8
Fri Sep 2, 2016
Steve McRory answered:

Straight up? They're both worthless as the paper they're written on! Everyone in the mortgage industry knows it as well an most experienced Realtors.

Unfortunately for consumers and Realtors, this administration and the crushing effects of the Dodd Frank Act have almost eliminated the ability to get borrowers legitimately pre approved in advance.


>>>>>>>>>>Per the Dodd Frank Act...

Loan Originators "cannot require, as a condition of providing the GFE, the submission of supplemental documentation to verify the information provided by the borrower on the application"


So basically, when realtors show borrowers 50 homes over 10 weekends, go thru 10 sales contract only to discover that the borrowers never could even get a loan to begin with, they can know who and what to blame!


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Fri Sep 2, 2016
Steve McRory answered:


Pre-qualification, Pre-Approval, they're both worthless as the paper they're written on...and we all know it!

We in the mortgage industry know they're both a complete joke, and those letters are only as good as the information collected and reviewed in advance, which is rarely done as consumers can't be burdened with producing such basic info...says the Government..

Thanks to the DODD FRANK ACT, the ability to get loan files legitimately approved in advance without an actual sales contract, has become almost impossible as its caused too many possible lender compliance violations to do common sense due diligence in advance.

And as absurd as it may sound, the crushing and crippling over regulations inflicted on the Mortgage Industry by this administration via the DODD FRANK ACT, basically PROHIBITS lender from asking borrowers for income and asset documentation in advance as it..."could burden the consumer and affects their ability to shop for a loan"

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Thu Jul 14, 2016
Lainie5 asked:
If the board doesn't give me approval do I get my full down payment back?
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Mon May 18, 2015
In a perfect world, the lender requests the information/questionnaire from the HOA early on and the HOA supplies it promptly, then any issues can be identified well before closing.

This doesn't always happen though. The lender might have dragged their feet, the HOA might not have responded right away, a number of things could have happened.

It's common practice for a lender to continue processing the file fully while they are waiting to get the questionnaire back. Things would seem business as usual until you find out otherwise.

It's either the lender's or the HOA's fault that this was not known until a day before you were supposed to close. SOMEONE was dragging their feet.

But regardless of the timing, every lender is going to want to make sure the HOA is on solid financial ground before committing to lend. If the HOA is not, then they will probably deny the loan altogether or require additional assurances such as a larger down payment. It's unfortunate, but it happens. Sorry you had to be on short end of the stick there.
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Fri Dec 7, 2012
Edna Souza answered:
Yes, if you meet the eligibility requirements you may qualify for "CASH FOR KEYS" and/or if you short sale your property, other benefits such as H.A.F.A. Give me a call so I can get more details on your situation. I may be able to help you.

Gabriel Leite
GL Realty
(954) 281-2220
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Fri Nov 23, 2012
Nadine Mauro answered:
Hi Judy,

I'd be happy to help.

What is her budget? Does she need to be in a specific school district? How may bedrooms and baths does she need? Does she have any pets?

You can contact me directly and I can start a search.

Nadine Mauro
Highlight Realty
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Wed Apr 28, 2010
Hitesh answered:
Dear Home Buyer,

Usually the banks require 7 months of tax reserves. Of course this differs from Bank to Bank

For more Information, Please contact @

Web :
Email :
Contact No. :561.542.7338
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