Yes, it’s official, yesterday Governer Crist and other lawmakers decided to NOT let criminals with certain crimes on their records get a mortgage broker’s license. WOW! We are such a progressive state (that’s sarcasm by the way!)

Florida has always had a policy on this. Way back when I got my license (I think ‘96?) I had to go to the police station and have my fingerprints taken, supposedly for a background check. And yes, thank you, I passed! And so did my husband, Tim.

Would you, and should you, trust someone that is a former bank-robber or drug dealer with your most private information (including your social security number, bank accounts, etc.)?

Absolutely NOT. I firmly believe that there is nothing wrong with interviewing your mortgage broker or real estate agent and find out if THEY are the right ones to be working with. Go ahead. I’ve got nothing to hide!

Here’s a link to an article about this topic: http://www.floridarealtors.org/NewsAndEvents/n1-081308.cfm

Ready to buy a foreclosure bargain house in Seminole County? Call me today and let’s see if we will be able to work together! Yes, it’s a 2-way decision!

I get this question all the time, and there’s a lot of misinformation floating around out there, so I decided to get you some clarification.  This is as of 8/1/08 guidelines.

Please note, this is Fannie Mae’s Guidelines, so FHA, VA, and other types of loans will differ.

Chapter 7 Bankruptcy (liquidation):  4 years from the discharge or dismissal date

Chapter 13 (repayment plan):  2 years from discharge (paid as agreed) or 4 years from dismissal (kicked out)

Extenuating Circumstances: reduced to 2 years.

Multiple Bankruptcies:  5 years (exceptions may reduce it to 3 years)

Foreclosure:  must wait 5 years from the date of completion, and then from years 5-7, must put minimum 10% down and must have a credit score of 680 or more.  Primary residence only.  (extenuating circumstances can reduce it to 3%)

Deed-in-lieu-of-foreclosure: must wait 4 years from the date you deed property back to lender.  Then from year 4-7 may require a larger downpayment. (extenuating circumstances: reduced to 2 years, but still may need larger downpayment from year 2-7)

Short Sale / pre-foreclosure sale:  2 years with no additional requirements or guidelines. (no extenuating circumstances)

As you can see from the guidelines, a short sale is better than a deed in lieu, and a deed in lieu is better than a full-blown foreclosure.

Hopefully this will help folks out who are facing tough decisions.

Here’s a link to see the actual FNMA guidelines that were released.

AndyTolbert