Amrita   Bedi

Amrita Bedi

REALTORĀ®

Tropic Shores Realty

Mobile:
352-650-4667
Office:
352 597 8342
Email Me

Coronavirus and Real Estate

There are so many ways that this pandemic can affect home buying activity in the US. Home buyers need a mortgage to make their purchase. However with the added uncertainity of the ways that this is going to impact  the econmomy lenders can add additional requirements to qualify for a loan...these additonal requirements will protect the lender, but may leave many prospective homeowners unable to qualify for a loan. The additional requirement are called "overlays". What "overlays" basically mean is that let's say you applied for an FHA loan and the FHA guide line sets a minimum credit score... the lender can ask for a higher credit score or a lower debt to income ratio or increase the qualifying time with current employer.

Here is a link  to the sate of the Florida housing market in Feburary of 2020 https://www.floridarealtors.org/news-media/video-library/learning/florida-housing-market-good-position-after-strong-february

Next month's numbers will most likely be lower.

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