zero money down: FHA Gift of Equity Loans - 07/19/07 07:33 AM

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)

zero money down: Creative FHA financing -- No money out of pocket from the buyer!!! -- Part 1 - 04/12/07 12:19 PM
Did someone say no money needed?  Yes, no money from the buyer.
There are several non-profit programs out there that allow for some type of assistance to the buyer. Nehemiah is one of the largest non-profit organizations that allows the seller to give money for the down payment and closing costs.  
This program is approved by FHA which is part of HUD. Nehemiah can basically get a consumer into their dream home with no money out of pocket. FHA states that you must have 3% of your own money into the deal. And FHA typically asks for 2.25% as your … (71 comments)

 
Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc)

Jeff Belonger

The FHA Expert - FHA Loans - FHA mortgages - USDA...

Cherry Hill, NJ

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Social Media - Infinity Home Mortgage Company, Inc

Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033

Mobile: (609) 440-5133

Fax: (775) 361-6619




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I just want to educate people about mortgages and the process. In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.







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