Who Can And Can't Give A Gift On An FHA Loan...

 FHA gift questions come up often.  This is where the buyer would get a gift to help in purchasing a home.

 

I wanted to give you the rules on FHA gift giving. Here ya go…

Acceptable gift donors for FHA loans…

1) Borrower’s relatives.

2) Borrower’s employer or labor union.

3) A close friend with a clearly defined and documented interest in the borrower.

4) A charitable organization.

5) A governmental agency or public entity that has a program providing home ownership assistance.

Unacceptable gift donors for FHA loans…

1) The seller.

2) The real estate agent or broker.

3) The builder or an associated entity.

Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here
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How A Bank Statement Loan Works...

 

These loans are designed for self employed people that have trouble proving their income through traditional means.

Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.

Variables of Bank Statement loans…

24 Months of bank statements.

12 Months of bank statements.

2 Months of bank statements.

1 Month bank statement.

The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.

We offer down payments as low as 10% on owner occupied bank statement programs.

We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.

Rates on these programs are usually only modestly higher than normal conforming rates.

If you or someone you know may benefit from this loan to purchase or refinance a house, please reach out to our offices.

Thanks for reading!

Have a great day!

Brett

Get Pre Approved For A Loan Here
My Previous Blog

How To Buy A House With A Reverse Mortgage...

 

I’ve written about this before, but we have more and more people passing the age 62 threshold, so I wanted to show you how to buy a house with a reverse mortgage.

I had a borrower that was recently retired, and now living on a fixed income.

They owned their home free and clear, and lived in a small town not too far from Dallas.

Their home was worth around $150,000.

Both husband and wife decided they didn’t want to live their retirement years in their current home.

…they wanted to spend their retirement on or near a lake. …so, they found a house they liked on a nearby lake for around $295,000.

They didn’t have the cash to buy the new home outright. …and, they didn’t really want to take on mortgage payments at this stage in their lives.

I suggested they use a Reverse Mortgage to purchase the home. Here’s how it worked…

They sold their current home and put down their proceeds from the sale as their down payment. Instead of getting a traditional mortgage to pay the difference between their down payment and the sales price – we used a Reverse Mortgage.

The result is they get to retire on a lake in a home worth twice what their old home was worth. They put down less than half the sales price. …and, they will never make another mortgage payment for the remainder of their lives!

Please shoot us an email or give us a call if you would like to explore how to use a Reverse Mortgage for you or someone you know.

That’s it for today!

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

Brett

Get Pre Approved For A Loan Here
My Previous Blog