Orlando Short Sale Expert | Orlando Short Sales, Orlando Short Sale Realtor

CHANGE #1

On September 1, 2010, HUD released Mortgagee Letter 2010-28 regarding changes to FHA mortgage insurance premiums. The letter states that, on August 12, 2010, the President signed into law new legislation which allows HUD to increase the amount of the annual mortgage insurance premiums charged for FHA single family housing mortgage insurance programs. For purchase and refinance transactions, HUD has decided to raise the annual premium which is collected on a monthly basis (the “monthly MI”) and simultaneously lower the upfront mortgage insurance premium (the “MIP” which is typically financed into the loan) “so that FHA is in a better position to address the increased demands of the marketplace and return the Mutual Mortgage Insurance (MMI) fund to congressionally mandated levels without disruption to the housing market.”

Effective for FHA loans with case numbers assigned on or after October 4, 2010, the upfront mortgage insurance premium for purchase and refinance transactions will change from 2.25% to 1.0%. The annual mortgage insurance collected on a monthly basis (the monthly MI) will change to the following:

Let’s look at a scenario and see how this will affect a typical homebuyer. Let’s say a buyer is purchasing a home at a price of $150,000 with maximum FHA financing (meaning they’re only making the minimum 3.5% down payment) and they’re getting a 30-year fixed at 4.25%. Because they are making a 3.5% down payment ($5,250), their base loan amount is $144,750.

So as you can see, the borrower’s payment will be higher with the new changes but my take on it is: in the whole scheme of things, when buying a $150,000 home, it’s not as “major” as some may lead you to believe. Not a HUGE deal when you really look at he numbers.

CHANGE #2

On September 3, 2010, HUD released another mortgage letter (2010-29) and it is regarding minimum credit scores and loan-to-value ratios. The three main changes, also effective for case numbers assigned on or after October 4, 2010, are:

1)     Borrowers with a minimum decision credit score at or above 580 are eligible for maximum financing.

2)     Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV.

3)     Borrowers with a minimum decision credit score of less than 500 are not eligible for FHA-insured mortgage financing.

This is not a significant change because most lenders/banks/brokers) are not financing FHA borrowers with less than a 620 credit score anyway. I don’t feel that these changes will affect you or your buyers much at all. Again, nothing too “major”.

Some good news is: we’ve heard nothing else more about the maximum interested party contributions lowering from 6% to 3% since HUD’s mortgagee letter released 01/20/10. In this mortgagee letter, HUD stated that this change will be “posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.” We should all be glad that this hasn’t officially rolled out (yet) because I feel that this change would have a much greater impact on us and our clients than any of the above. If we hear something more about it, I’ll let you know.

If you have any questions or concerns or if you’d like to further discuss any of this, please let me know.

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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, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  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,  http://OrlandoRealEstateVoice.com ,  www.JerrySellsOrlando.com, or http://InvestmentPropertyDealsOrlando.com for your Orlando 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, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo 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.

Fannie Mae says it will begin fining loan servicers who take too long to complete foreclosures once it’s been determined that delinquent borrowers don’t qualify for a loan modification or other alternatives like short sales.

The fines — or “compensatory fees” — will be assessed when loan servicers can’t provide a reasonable explanation for failing to meet timelines for completing routine foreclosures that vary from state to state, Fannie Mae said in a bulletin to servicers.

The time allotted to complete a foreclosure, starting from the referral of a loan file to an attorney or trustee until the date of a foreclosure sale, varies from as little as 60 days in Georgia, Michigan, Missouri, Tennessee, Texas, Virginia and West Virginia, to 300 days or more in Illinois, Maine, New Jersey, New York, Vermont and Wisconsin.

The foreclosure timelines Fannie Mae has established for the four states hit hardest by foreclosure during the downturn fall in between: 120 days in California and Arizona, 150 days in Nevada, and 185 days in Florida.

Fannie Mae said the foreclosure schedules it’s established for each state represent the time “typically required for routine, uncontested foreclosure proceedings, given the legal requirements of the applicable jurisdiction.” The timeline in Florida, for example, was extended by 35 days to allow for a state-mandated mediation process.

Fannie Mae promised it “will not impose compensatory fees for delays beyond the control of the servicer, such as unavoidable mediation or court delays, or sales delays by sheriffs or other selling officers.”

When fines are levied, they will be based on the outstanding principal balance of the mortgage loan, the rate of return paid to investors in mortgage-backed securities backed by the loan, the length of the delay, and any additional costs directly attributable to the delay.

According to mortgage data aggregator Lender Processing Services, an estimated 2.02 million homeowners were in foreclosure in July nationwide. Another 5.02 million homeowners were behind on their mortgages.

On average, borrowers in foreclosure were 469 days behind on their mortgage payments, up from 351 days a year ago and 196 days in January 2009, LPS said.

Properties that are vacant and held off the market, combined with whatever portion of homes with delinquent mortgages that are not currently listed for sale, “represent a shadow inventory putting downward pressure on both home prices and rents,” Fannie Mae warned in the company’s most recent quarterly report to investors.

According to the report, 4.99 percent of the roughly 9 million single-family loans securitized into mortgage-backed securities guaranteed by Fannie Mae were seriously delinquent or in the foreclosure process as of June 30 — about 450,000 loans.

Of those, about 170,000 were in foreclosure. About two-thirds of seriously delinquent loans had been delinquent for more than 180 days.

In the first half of 2010, Fannie Mae’s loan servicers negotiated 276,059 loan workouts — more than three times as many as the same time period the year before.

Fannie Mae’s loan servicers also signed off on 38,841 short sales and deeds-in-lieu of foreclosure during the first half of 2010, a 171 percent increase from the same period a year ago that nearly matched the total for all of 2009.

Fannie Mae nevertheless acquired 130,767 properties through foreclosure in the first half of the year, up from 57,469 during the first half of 2009.

At the end of the foreclosure process, loan servicers schedule properties for auction. If nobody bids for a property, or if the bids that are received fall short of the properties’ estimated worth, Fannie Mae takes possession of the home and handles its resale.

The company was only able to sell 87,612 of the properties it acquired through foreclosure in the first half of 2010, leaving it with an REO inventory of 129,310 homes valued at $13 billion.

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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, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  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 Orlando 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, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo 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.

Fannie Mae launched a new website to help consumers understand their options when facing foreclosure and the possible loss of their home. Called KnowYourOptions.com, it outlines the choices available to homeowners struggling to make mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find a back-up plan.

KnowYourOptions.com provides information in both English and Spanish. Features include:

• Interactive Options Finder helps homeowners identify options.

• Calculators help borrowers understand how many of the options would work in their situation, including calculations about refinance, repayment, forbearance, and modification.

• Videos feature real homeowners discussing how they received help; others feature housing counselors giving advice.

• Forms – including a financial checklist and contact log – to help borrowers prepare for a meeting with their mortgage company or housing counselor.

• Information on refinancing, repayment plans, forbearance, modifications and Deed-for-Lease.

• Out-of-the-box alternatives, including short sales and deeds-in-lieu for homeowners who recognize that they can no longer afford their mortgages, but want to avoid a foreclosure on their credit history

More info: www.KnowYourOptions.com.

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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, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  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, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo 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.

The Department of Housing and Urban Development (HUD) said that it intends to require borrowers to have scores of at least 500 to qualify for FHA-insured loans. The agency has not required a minimum score before.  “It really is just conforming FHA standards to what FHA lenders have already been doing,” said Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association.  As a result, the practical impact of this move will be extremely limited; during the second quarter of 2010, no FHA-insured loans were issued to borrowers with sub-500 scores. And, in fact, less than 1% of borrowers were below 580; most loans went to borrowers with scores above 620.

The initiative is part of an ongoing effort to reduce default risk to the FHA loan portfolio and to boost the reserves that back those loans, according to HUD Commissioner David Stevens.  “These are the latest in a series of changes to allow the FHA to manage its risk better while continuing to support the nation’s housing recovery,” he said. “By protecting FHA’s capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation’s largest source of home purchase financing for underserved communities.”  During May, 8.97% of all FHA loans were seriously delinquent (seasonably adjusted). That was up from 7.93% during May 2009. But defaults have turned downward since January, when they peaked at 9.16%.  The defaults have drained FHA reserve, which is funded by insurance payments, to below the 2% minimum mandated by Congress. Taxpayer money could be in jeopardy if the insurance funds are depleted any further.

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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, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  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, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo 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

Seven-Year Lockout Policy for Strategic Defaulters
WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.

“We’re taking these steps to highlight the importance of working with your servicer,” said Terence Edwards, executive vice president for credit portfolio management. “Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting. On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in a shorter period of time.”

Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances. These policy changes were announced in April, in Fannie Mae’s Selling Guide Announcement SEL-2010-05.

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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, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  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, Seminole, Polk, Lake  or Osceola County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo 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.

HAFA (which means “I have HAFA mind to never pay another mortgage payment again!”) Kidding!!! Actually it is part of the Home Affordable Modification Program (HAMP) that aims to help homeowners who are unable to qualify for a loan modification under HAMP by providing them with the option to pursue a short sale or deed-in-lieu. Under the program, financial incentives are provided to servicers (banks) and borrowers (now you’re talking!) who utilize these foreclosure alternatives.

As of April 5, 2010, the program is now in action and according to the guidelines, once a borrower is determined to be ineligible for a HAMP modification, the bank must consider that borrower for HAFA within 30 days. Every potential eligible borrower must be considered for the program before the borrower’s loan is referred to foreclosure or the bank allows a pending foreclosure sale to be conducted. If the bank determines that the borrower is eligible, the short sale or deed-in-lieu process will begin. Qualified borrowers will be given pre-approved short sale terms before the property is listed, and once an offer is made, banks/mortgage servicers will have 10 days to approve or reject the sale.

HAFA Government Program

HAFA+Brochure+Text+1 25 10

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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 or Osceola County Florida and Orlando, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo 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.

Fannie Mae wants to sell its housing inventory that it acquired through foreclosures. The properties are listed for sale on HomePath.com. To do so, it’s offering buyers incentives for those properties.

The new incentives recently began and are eligible for buyers who will live in the home. According to Fannie Mae, the offers must be accepted on or after January 28, 2010 and they have to close before May first for properties on its site: Homepath.com

So what’s the special offer? Buyers can receive up to 3.5 percent of the sales price for closing costs or the purchase of a new Whirlpool appliance or even a combination of the two.

There are more incentives. The government’s current buyer incentive programs include the extension of the First-Time Homebuyer Credit through April 20, 2010 (there’s a 60-day cushion to complete closing beyond that date). This program broadens the reach to include existing homeowners. Here is a quick look at eligibility and the incentives:

• $8,000 tax credit for first-time homebuyers
• $6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence
• Increased income limits for individuals and couples Tips for buying a home owned by Fannie Mae.

What you see is what you get. When you are buying a property owned by Fannie Mae, there are a few things that you should know. According to its website, Fannie Mae may make some repairs to a property but probably not much. “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.”

Home inspections. Fannie Mae also recommends what I have written about for years—hire a qualified home inspector to give you an accurate report on the current condition of the home. For a relatively small amount of money, this can save you a lot and give you a greater understanding of what problems exist currently or might soon develop.

No contingencies. If your home is on the market and you’re shopping for a new one but need to close on your primary residence, Fannie Mae isn’t the way to go. “Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.”

Get prequalified. This is really important for a lot of reasons regardless of whether you’re buying a home owned by Fannie Mae. There are more restrictions these days when it comes to getting home loans. So, knowing that you’re prequalified to purchase a home at a specific price will make shopping for the home that fits your budget easier. But Fannie Mae cautions, “A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.”

Making an offer. Just as with most real estate transactions, making an offer on a home requires a lot of research. We, as your real estate agent can get you vital information and when you’re ready, the offer is submitted. “Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. We’d be happy to work with you and would be happy to submit an offer to the real estate agent who has listed the property.” Buying a home has become more affordable than ever and, with more incentives, it may be time to do some spring house hunting.

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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 or Osceola County Florida and Orlando, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo 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.

Orlando short sales, expert & specialist

Fannie Mae wants to sell its housing inventory that it acquired through foreclosures. The properties are listed for sale on HomePath.com. To do so, it’s offering buyers incentives for those properties.

The new incentives recently began and are eligible for buyers who will live in the home. According to Fannie Mae, the offers must be accepted on or after January 28, 2010 and they have to close before May first for properties on its site: Homepath.com

So what’s the special offer? Buyers can receive up to 3.5 percent of the sales price for closing costs or the purchase of a new Whirlpool appliance or even a combination of the two.

There are more incentives. The government’s current buyer incentive programs include the extension of the First-Time Homebuyer Credit through April 20, 2010 (there’s a 60-day cushion to complete closing beyond that date). This program broadens the reach to include existing homeowners. Here is a quick look at eligibility and the incentives:

• $8,000 tax credit for first-time homebuyers
• $6,500 tax credit for existing homebuyers who have lived in their current residence for at least five years but want to relocate to a new primary residence
• Increased income limits for individuals and couples Tips for buying a home owned by Fannie Mae.

What you see is what you get. When you are buying a property owned by Fannie Mae, there are a few things that you should know. According to its website, Fannie Mae may make some repairs to a property but probably not much. “Fannie Mae sells each property “as is,” which means that the buyer accepts the property “as is.” Fannie Mae is not responsible for fixing any problems after settlement.”

Home inspections. Fannie Mae also recommends what I have written about for years—hire a qualified home inspector to give you an accurate report on the current condition of the home. For a relatively small amount of money, this can save you a lot and give you a greater understanding of what problems exist currently or might soon develop.

No contingencies. If your home is on the market and you’re shopping for a new one but need to close on your primary residence, Fannie Mae isn’t the way to go. “Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.”

Get prequalified. This is really important for a lot of reasons regardless of whether you’re buying a home owned by Fannie Mae. There are more restrictions these days when it comes to getting home loans. So, knowing that you’re prequalified to purchase a home at a specific price will make shopping for the home that fits your budget easier. But Fannie Mae cautions, “A loan prequalification doesn’t mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.”

Making an offer. Just as with most real estate transactions, making an offer on a home requires a lot of research. Your real estate agent can get you vital information and when you’re ready, the offer is submitted via your agent. “Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.” Buying a home has become more affordable than ever and, with more incentives, it may be time to do some spring house hunting.

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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 or Osceola County Florida and Orlando, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo 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.

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

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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.