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