In 2008 President George W. Bush signed a bill into law called SAFE (Secure and Fair Enforcement for Mortgage Licensing Act) which puts a minimum licensing requirement on al mortgage-loan originators. There is also small portion of that law that covers seller financing of one-to-four-family residential transactions involving property other than the seller's primary residence, the seller now must be licensed as residential mortgage loan originator.
Before this law went into effect a seller was allowed to offer up to five transactions in a single year without having to be licensed. To become licensed as a Residential Mortgage Loan Originator you must complete education, submit fingerprints for background checks, pay the requried fees, take a state exam, and demonstrate some level of creditworthiness.
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Let The Good Home Team, LLC help you find creative ways to finance your investment property. You can reach us by calling 972-468-5499 or visiting our website at www.TheGoodHomeTeam.com
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