Preapproval in Tampa Florida

13 Replies

Hi,

Do you guys know of any lender in Tampa Florida that will do preapproval without requiring all the important documentations first (e.g w2, paystubs, tax transcripts etc)?

I would like to sent those documents only when I am under contract. Thanks!

Any recommendations is greatly appreciated :)

Bao

As a lender, I would never do this. And to be honest, anyone who does that is doing their company, the seller of the home, and you a disservice. Now, this doesn't help you since it's against what you are looking for, but just by you asking this would be a red flag to most lenders.

@Nicholas Covington

Could you explain the reason why lender should do preapproval without paperwork?

I see it as a slowdown of getting approval since it would take time to collect all the documents. And then if a great house that is listed that a buyer really wants, then they cannot win the speed of the competition because they don’t have the preapproval ready.

@Bao Chau Tran the whole point of get pre approved is to know that you are actually qualified for the loan. It’s impossible to know that without the documentation we should be looking at.

To put if frankly if you don’t have access to your own tax returns, w2s, paystubs, and bank statements on demand, chances are we are going to have other issues. You can pull that stuff within an hour or less.

If you make a lot of money, have money in the bank, and know you have a high credit score then sure, you would know that you are easy to qualify. Most people don’t fall in this boat. Why put a home under contract if at the end of the day you were never qualified to do so?

Take the time to get everything together in one place and store it on your computer in a folder. Then you never have to worry about wasting time asking for someone to give you a letter because you have your stuff already. Simple.

By the time you find someone to do that you could have just gotten your documents together. I can pre qualify someone in 15 mins.

@Nicholas Covington

I fall under all those three. I am sure I have all those documents in my file. However my point is that getting those documents ready and sent over takes a bit more time depending

on how much I have to scan over.

My personal home was financed through a full approval and it took two weeks. I understand why with full approval it would take all the documents needed to get there.

The next two deals that I have helped my clients was through a senior lender here in WA. He didn’t require documents for preapproval. One was through a major bank like BECU and so I was very surprised with that.

So I am trying to learn why some lender required documents before preapproval and some don’t. Is it against the lender license law (not sure if law is the right word) to not get documents before preapproval?

I am sorry for all the questions but I genuinely want to learn. Thanks!

@Bao Chau Tran

Bao

Conventional financing requires a lot of documentation.  Providing that documentation to your LENDING PARTNER is key to a successful transaction.  Providing a pre-approval in the conventional world tells the people in the initial part of the transaction that you've provided the documentation and it's been preliminarily assessed and you have at least done the cursory things needed to step into the arena.  Without it, you're wasting everyone's time (whether you qualify or not).  You are making the transaction take longer than it needs to take while everyone waits for you to find your W2 or most recent paystub or explain credit inquiries or explain that large deposit. Those things should be taken care of up front.

Like @David Robinson says, there are other ways to go where you don't have to provide your income verification, but you'll still have to provide bank statements to show you're a viable candidate for a pre-approval.  When we provide a pre-approval, we're putting our reputations and our company's reputations on the line saying we've vetted this person and, barring something crazy, they're good to go.

Go get your stuff together and be ready when the right property comes around.

Stephanie 

There is a difference between pre approval and prequalification.

In a pre approval you are fully underwritten and approved for funding 

subject to the conditions in the letter.

In prequalification your loan has not been underwritten and therefore is not approved.

This is for conventional loans. For commercial loans there usually is no income verification and therefore

no need to send income documentation. You will need to submit credit and assets.

@Bao residential investment property can be financed in a business as a commercial / business loan.

The terms are different than a conventional loan.