It seems like every other day I pick up on another little tidbit of information or rules regarding Fannie Mae rules, government rules, bank rules, tax rules etc when it comes to home ownership as an occupant or an investor - 4 max mortgages rule, 1 year occupancy, size of % down, and so forth.

I'm a systems engineer who is transitioning away from government work over the next year.

The band leader (government) is requiring the entire band to be on the same sheet of music.Commercial lending isn't under the SAFE Act, but there are still legal requirements, Fair Trade and the Uniform Code requirements, it's not the wild west.So, to do a seller financed note or private loan, you need, no, you must know conventional financing requirements.

Pay attention to (21) (b) and (d) i & ii.(21) (a) engaging in an act of loan modification assistance that requires licensure as a mortgage officer under Chapter 2c, Utah Residential Mortgage Practices and Licensing Act, without being licensed under that chapter;(b) engaging in an act of foreclosure rescue without entering into a written agreement specifying what one or more acts of foreclosure rescue will be completed;(c) inducing a person who is at risk of foreclosure to hire the licensee to engage in an act of foreclosure rescue by:(i) suggesting to the person that the licensee has a special relationship with the person's lender or loan servicer; or(ii) falsely representing or advertising that the licensee is acting on behalf of:(A) a government agency;(B) the person's lender or loan servicer; or(C) a nonprofit or charitable institution; or(d) recommending or participating in a foreclosure rescue that requires a person to:(i) transfer title to real estate to the licensee or to a third-party with whom the licensee has a business relationship or financial interest;(ii) make a mortgage payment to a person other than the person's loan servicer; or(iii) refrain from contacting the person's:(A) lender;(B) loan servicer;(C) attorney;(D) credit counselor; or(E) housing counselor.

I was thinking lately about taking out a loan or two for rental properties, but I have some concerns about the federal government/politicians/partisanship, a tech bubble in the stock market, shadow inventory held by the banks, economic problems on the part of the country that could affect the housing market, the drastic increase planed for the flood insurance industry (and I'm coastal) and the fact that the banks haven't really been brought to heel since 2008.

my suggestion is to stay local and only acquire notes on collateral that you are willing to own if the note goes bad.Study the laws and regulations that govern lending practices and enforcement of collecting on your secured liens.

Another important caveat which I think will spurr growth, development and employment is that all buyers have to show proof of plans to rehab within 30 days of closing and then proof of occupancy within 6 months or else the government reclaims the property.

A government program put $10k into it.

However, there are no governing agencies determining what a hard money lender can and cannot do.

I have recently heard that I can't simply assign or double close a deal with a borrower getting a government insured loan because I'd have to own the house at the time the contract is written, before the buyer makes application for the FHA loan... please help me out if you know.Thanks,Paul