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HUD Expands Identity of Interest Definition for FHA Mortgages
For all FHA mortgages, HUD recently revised its Family Member definition for Identity of Interest.   The definition of a family member, for purposes of Identity of Interest transactions has been expanded to include:  
·     Brother, stepbrother
·     Sister, stepsister
·     Uncle
·     Aunt
 
These changes are in addition to the previous definitions including:
 
·     Child, parent or grandparent 
·     Spouse
·     Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption
·     Foster child
 
An identity of interest transaction is a sale between parties with family or business relationships.  Financing above the 85% maximum LTV for identity-of-interest transactions is permitted under certain circumstances.
 
Family Member Purchase
The 85% LTV limit may be waived if the family member has been a tenant in the property for at least six months immediately predating the sales contract. A lease or other written evidence must be submitted to verify occupancy.
 
Tenant Purchase
A current tenant, including a family member tenant, purchases the property where he/she has rented for at least six months immediately predating the sales contract.  A lease or other written evidence to verify ... more

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