I would like to rent with the option to buy?
Public Comments
- Rent to Own and Land Sales Contracts from the seller are almost impossible to legally do now. The Dodd-Frank Act took affect January 1, 2011 and created 387 new rules that must be followed in a Rent to Own or a Land Sales Contract. If one rule is violated, the Rent to Own or Land Sales Contract is not enforceable in court. One of the requirements is the Buyer must have a credit rating equal to or better than the credit rating required by HUD at the time the contract is issued. If you can qualify for a HUD loan, why would you want to deal with the private seller. Just go get the HUD loan and avoid all the other 386 rules.
Powered by Yahoo! Answers