Don't Have To Put Money Down When Buying A House This Way...

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