Landon Huffer- Texarkana Real Estate Broker

Seller Financing is Changing | May 25, 2010

Effective May 31, 2010 the Secure and Fair Enforcement for Mortgage Licensing Act-the SAFE Act is taking effect.  I want to highlight some of the important points that will effect you if you are participate in seller financing.

First, this law only applies to residential 1-4 family transactions.  If you are looking to seller finance commercial property or unimproved (land) property you are still able to do so without being licensed as a residential mortgage loan originator (RMLO).

Second, you are able to seller finance your homestead or if you are selling to a direct family member.

Effective on May 30th if you seller finance properties that do not meet the previous requirments you must now be licensed as a RMLO.

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Posted in Real Estate

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About author

I am a young, eager, and aggressive Real Estate Broker with Schimming Company Commercial Real Estate.

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