Tag: down payment gift

Check out this success story and it is a little known advantage for licensed Real Estate Agents. Actually, a Realtor commission may be used as down payment for the purchase of their own home. Normally, lenders are required to prove down payment in the buyer’s bank account. So, if underwriters require proof of funds in the bank, how can Realtors use commission which isn’t paid […]

There are so many misconceptions or fears that first time buyers have these days and one of our primary goals is to educate this section of the market so the dream of home ownership can be achieved.  7 Statistics and Solutions About First Time Homebuyers You Should Know: 54% of first time buyers are married, 18% are […]

Below are the FHA guideline changes effective for FHA case file numbers assigned on or after September 14, 2015. Below are the topics and the new guideline language which replaces the prior rules often because the prior rules were not specific enough. Assets:  This section applies to anything pertaining to documenting assets on an FHA […]

FHA Changes FHA recently changed a lot of their guidelines on 9/14/2015.  So we will provide the game plan to navigate minor tweaks to big FHA changes. Below are answers to FHA FAQ’s Is a borrower eligible if they have a delinquent federal debt but have a clear CAIVRS? If a delinquent federal debt is reflected in a public record, […]

Low down payment options for today’s buyers is a popular concern among other areas.  In this series, we are providing tips to avoid the Most Common Roadblocks to Home Ownership.  So far in previous weeks, we have discussed how to solve Limited or bad credit No down payment Not having a budget Documenting rent history […]

No to Low Down Payment Options In the last article we talked about credit and today we are providing solutions to the # 2 roadblock mentioned for first time buyers.  This article explains solutions of low down payment options for buyers that have no or little money for down payment or reserves. To solve this popular issue, let’s talk today […]

How can I ever save a down payment for a house? Down payment is one of the biggest roadblocks to homeownership, but it doesn’t have to be that way! Have you been either paying rent or living with family for a while now and you constantly think “How can I save up for a down payment to […]

It is very common for family to help family buy a home, especially when FHA loans are involved.  Assistance is usually in the form of a gift towards down payment.  But sometimes real estate agents represent a family member or themselves as a buyers agent.  If you’re a realtor buying your own home, check out another article […]

Cash Deposits & Mortgages Don’t Mix! We want to help parties to a home purchase avoid a very common mortgage problem – Cash Deposits.  But, cash is king!  Right?  Not when it comes to the mortgage lending industry.  So the primary reason is that lenders cannot document the source of deposit with certainty. Here are some common, but […]

Gift Funds Guidelines for FHA Loans Gift funds are a very popular way of paying a down payment or for paying closing costs & pre-paids when purchasing a home.  On most mortgage loan programs, a gift is an acceptable source of funds as long as they are: Truly a gift and there is no expected or […]

Rent Free Options Explained It is very popular these days for people to move back in with parents.  Additionally, many even live with other family members or friends.  Therefore these buyers cannot prove an on-time housing history.  This is called a “rent free” scenario.  A recent blog posted by the National Association of Home Builders […]