Greg Snow - Southwest Florida Real Estate Expert provides real estate services to Cape Coral, Fort Myers, Sanibel and Captiva Islands

New lender mandates have been issued by Fannie Mae for new loans or refinances after June 1, 2010 that may have new unknown consequences for real estate agents, buyers, sellers, and all vendors involved in settlement. The intent is for applicant information to be honest, accurate, fully disclosed, and in most cases, verifiable. Once the application has been submitted, and all conditions been met, prior to closing , there will be a re-check of credit and debts, that should it be different, would require a re-submission to underwriting, which would delay, and may kill the deal. Other W-2 employees, with ownership of 25% or more of the business will have additional demands for cash flow analysis, business returns and any outstanding alimony or child support. In Lee County, Florida, our banks say they want to lend to qualified buyers. Just be honest, accurate, and fully disclose everything. Isn't this a novel approach in 2010.