Because our government loves us so much, Investor Network Night to cover impact of Dodd Frank on Private Money!
Beginning in 2014 homeowners “carrying paper” will being subjected to new regulations as per Dodd – Frank. Here’s how those changes will affect the market in 2014. Investor Network Nights host JD Morris will help explain how these new rules impact private money! Under the new rules:
- Seller cannot have been the builder or developer of the property to be sold.
- Sellers must prove the borrower can repay the loan.
- Monthly payments must be based on a “fully amortized loan” with NO BALLOON PAYMENT.
- The interest rate must be fixed for a minimum of 5 years.
- The term of the loan can be no shorter than 5 years.
- A seller is limited to 3 seller carry-backs per 12 month period.
- Home sellers wanting to carry-back a 4th note in 12 months need an NMLS (lending) license.
Notes in 2014 is going to be interesting and Red Hook Capital looks forward to telling us why Big Government squeezing private money to death!
URL to learn more event: http://redhookcapital.me/category/investor-network-nights/
URL register for Monday Jan 20th at 6pm Pacific Investor Network event: http://redhookcapital.me/investor-network/
Happy Investing & Networking,
Join me on LinkedIN: http://www.linkedin.com/in/jdmorris
The Morris Team URL: http://www.themorristeam.com/
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