The more I think about the SAFE Act and its implications the more I think owner financing land/homes is the way to go if you can get licensed. Yes, you would need to jump through the hoops to become a loan originator, but once you did I would imagine the competition will be little to none. Plus, with lenders becoming more and more strict on FHA qualifications the need and demand for other financing options for land/homes should be great.
My guy at Suntrust just told me that they hiked their credit overlay score requirements for FHA up again from 620 to 640 and other lenders will soon follow. Actually the only other lender that I know of that will finance land/homes is BB&T since Wells Fargo dropped out a few months ago.
I just wish the $8K tax credit would stay around longer since there is a way to get that $8k paid directly to the seller as a down payment if you owner finance. Oh well…