Hello, I am a property investor in Houston, TX and am creating this group for others in the Houston area to post information about this market.
Just got this information relating to HUD changes affecting seller financing. This information is courtesy of Road 2 Success.
The following information is extremely important!
HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT
HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations.gov Use the search parameter "HUD" and the keyword “safe”. Please review and comment regarding the impact of this broad interpretation of the law.