Good Morning!
I have this situation come up again and again, so I wanted to address it once more…
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!
I would like to help you with your next purchase or refi loan. If you need help – let me know!
I hope you have a good day today. Thanks for reading!
Brett
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