Seller Financing Changes as of May 31st, 2010

May 22, 2010 at 1:57 pm 1 comment

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:

  1. They may offer seller financing to any one on their Primary Residence without being an RMLO.
  2. 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.

© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

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Entry filed under: Smart Real Estate. Tags: , , .

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1 Comment Add your own

  • 1. The Best Blogger  |  June 26, 2010 at 9:24 am

    It’s Nice Post, keep posting and have a nice day… 14:24

    Reply

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© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2016-2020. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

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