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gift of equity: FHA Gift of Equity Loans - 07/19/07 02:33 PM

FHA allows for sellers to gift to the buyer part of the equity of the house that they are selling. This is called a gift of equity, but can only work between those that are relatives. This gift can be used for both the down payment and the closing costs. All other FHA guidelines apply to this type of purchase. ie. Credit qualifying and income.
Keeping in mind again that this can only be done amongst relatives. 
How is this achieved?  There are 2 ways for this to happen. And keep in mind that both the seller and buyer have to be a … (16 comments)

 
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