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Cover Your Winter Haven FHA Mortgage Downpayment with a Loan from Your Family

One of the things holding most Winter Havenfirst-time home buyers back from purchasing a home is the 3.5% downpayment requirement for FHA mortgages. Add closing costs to this total and many would be first-time home buyers - despite having jobs that can maintain monthly mortgage payments - simply can't swing getting into a home at all.

With DPAs now a thing of the past, another source of downpayment funds for first time home buyers a home is a LOAN from an immediate family member. Although it cannot be a requirement of the loan, qualified first time home buyers can borrow the money from their parents and repay it with the $8,000 tax credit.

Here's how...

Posted by Kevin Sandridge - Winter Haven Mortgage Broker on 05/10/2009 11:36 PM

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