FHA Gift of Equity

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.

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FHA Purchase. Today’s historically low interest rates make now the perfect time to purchase a new home.

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FHA Condo Loan only requires that 50% or more of the units be owner occupied.

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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.

www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.

We look forward to working with you.