Seller Financing Changes as of May 31st, 2010
As of May 31, 2010, the Federal Safe Act goes into effect for a seller who wants to offer seller financing on any property other than their Primary Residence.
Sellers will now need to be a licensed Residential Mortgage Loan Originator or
RMLO in order to offer seller financing. There are only two exceptions to this rule:
- They may offer seller financing to any one on their Primary Residence without being an RMLO.
- They may offer seller financing on any property they own as long as they are selling to an immediate family member.
All states were required to pass a statute by this date in order to meet the Federal Safe Act guidelines.
If you need seller financing in order to purchase, you may want to read up on how to improve your credit score.
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