How To Buy A House From A Relative…

By
Mortgage and Lending with Berkshire Lending, LLC

small brett pic How To Buy A House From A Relative...

I had this situation come up again last week, and I wanted to address it again with you…

Did you realize that when buying a house from an immediate family member – the buyer doesn’t have to come out of pocket for a down payment with an FHA loan? (As long as it’s a owner occupied residence for seller and buyer.)

…this is because the guidelines allow the seller to “gift” equity to the buyer.

So, the 3.5% down payment on an FHA loan can be a gift from the seller. …in addition to this, the seller can also pay the buyers closing costs, and pre paid expenses (taxes and insurance).

Neat, huh!

In other news, I gave my website a face lift. Check it out here…

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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Comments (1)

LaNita Cates
REMAX of Joliet - Joliet, IL

I've never had this happen but thanks - good to know! Thanks and have a good day.

Oct 12, 2014 10:44 PM