Is that Pre-Qual still good?

Hearing from many lenders that programs such as Stated income loans will no longer be available to borrowers regardless of credit ,as of April 1st. Extremely important to verify all Pre-Quals at or before contract.

Many borrowers "think" they can qualify for a loan, but everchanging rules and guidelines require they constantly stay in touch with their mortgage representatives. A Prequal issued even a week ago, may no longer be acceptable to that lender, due to changing criteria.

Borrowers may have spoken to their loan officer a few weeks or months ago. Guidelines are tightening daily. Borrowers are NOT aware of these changes. We are finding many loans are NOT closing, causing the homes to go back on the market.

For example a loan last week a lender requiring a 660 FICO score may today require a 700 FICO for the same loan program. A borrower may now need 6 months PITI reserves, when only a week ago needed 2 month reserves.

Bottom Line is STAY IN TOUCH WITH YOUR MORTGAGE REP !!!, before during and after the transaction