Orlando Real Estate Voice, Short Sale Expert & Specialist

Fannie Mae modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met. Florida Association of Realtors® (FAR) President Cynthia Shelton raised the investment issue with Fannie Mae officials last week.

“Many of our members have voiced concerns about Fannie Mae limiting investors to four properties,” says FAR Vice President of Public Policy John Sebree. “This comes as good news.”

The change is noted in a just-released update of Fannie Mae’s “Multiple Mortgages to the Same Borrower Policy.” The change is effective March 1. To qualify, borrowers must meet Fannie Mae’s criteria. They cannot, for example, have a history of recent bankruptcy, or a delinquency payment over the past 12 months.

Fannie Mae offers more information about its new policy in Announcement 09-02, released on Friday. To download the policy guidance (PDF format) and get more information on qualifying and underwriting, go to: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

***************************************************************************************

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.

P.S. If you are listing your home as a short sale in Orange County Florida and Orlando, Windermere, Winter Garden, or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.

Update

Fannie Mae nixes extra five percent down in “declining markets.”  On May 16, the country’s largest secondary mortgage market company, Fannie Mae, announced that it will no longer require borrowers to put up an extra five percent down payment when purchasing homes in areas deemed “declining markets.” According to an NAR: “Fannie Mae had been hearing concerns from REALTORS and others for months that its declining-markets policy was bad for the housing market because it discouraged consumers from buying homes in markets hardest-hit by foreclosures.”

About the author: 

Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.JerrySellsOrlando.com for your real estate needs.  Please give me a call if you have questions about the Orlando and Central Florida real estate market.

Jerry LaRose, P.A., ABR, GRI, e-PRO, CLHMS, REALTOR® 407-580-7011

(Copyright © 2008 By Jerry LaRose, P.A. All Rights Reserved.)