FHA World - FHA Gift of Equity
A gift of equity is a transfer of ownership of a property to a family member or someone with whom the seller has had a previous relationship, at a price below or at the current market value. The difference between the actual sales price and what is owed on the home is called the gift of equity. Most lenders allow the gift to count as a down payment on the home.
A FHA gift of equity requires a gift of equity letter that is signed by both the seller and the buyer. For the purpose of obtaining a mortgage a gift of equity is treated as a purchase transaction.
A sales contract will be needed.
Qualify for a FHA Loan | FHA World |
To qualify for a FHA loan you will need a minimum 580 credit score. You will need to show income for two years.
FHA Purchase | FHA World |
FHA Purchase. Today’s historically low interest rates make now the perfect time to purchase a new home.
Buy a Home with an FHA Loan | FHA World |
Buy a home with an FHA loan. To qualify for an FHA loan you must have a minimum credit score of 580 for 3.50% down payment.
FHA First Time Homebuyer | FHA World |
FHA First Time Homebuyer loan programs offer lower down payments. FHA closing cost. Minimum credit score for FHA. How to qualify for a FHA mortgage.
FHA Condo Loan | FHA World |
FHA Condo Loan only requires that 50% or more of the units be owner occupied.
FHA Lease with Option to Buy | FHA World |
FHA lease with option to buy allows a renter to buy the property they are renting. FHA loans and closing cost. FHA first time home buyer.
FHA Gift of Equity | FHA World |
FHA Gift of Equity is a transfer of ownership of a property to a family member or someone with whom the seller has
203K FHA Loan | FHA World |
203K FHA loan offers the borrower one mortgage loan, to finance both the acquisition and the rehabilitation of the property.
FHA Credit | FHA World |
The new FHA credit policy changes requires a minimum FICO score of 580 for 3.5% down payment and anyone purchasing with a score lower than 580 will require 10% down payment.
FHA Closing Costs | FHA World |
FHA closing costs allows the seller to pay up to 6% of sales price for closing cost.
FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
FHA requires a minimum credit score of 500 to buy a home or refinance
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property
What documentation will I need?