Tag Archive : FHA gift

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What if I had a BK and a Foreclosure ??

       FHA Loans

Client called today with a not-so-unusual scenario. They had been declined by a Bank on this . . They lost their home in foreclosure 5/29/2008, filed Bankruptcy in 10/2008 and the BK was discharged 6/4/2009. In their Bankruptcy filing their attorney had listed the balance of the foreclosed-on mortgage. The bank denied their loan stating that the filing of the…… Read More »

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What if mom wants to sell to me and I have no money for FHA downpayment?

       FHA Loans / FHA, VA & Conventional Related

The majority of transactions involving financing are ‘arms-length’ transactions where Buyer and Seller are strangers and have had no previous relationship. However, often a parent wants to sell to their kid, or a similar family-2-family sale happens where the buyer has no money for a standard FHA downpayment (3.5%). Is there a way for the buyer to take out a…… Read More »