Financing in 44026>Question Details

Mrs. Jones, Home Buyer in 44026

We live in a home that my parent bought. My parent wants to sell us the home for 53% of value. Is FHA loan & gift of equity down payment an?

Asked by Mrs. Jones, 44026 Fri Apr 4, 2014

option? My husband and I bought our first home using an FHA first time homebuyer loan. We have moved out of that house and are renting it out for the next 2 years. Our credit scores are in the high 500's. House is valued at 225k and can buy for 120k.

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There are several factors you must consider. First FHA only allows you to have one FHA loan. There are exceptions to this rule - If your family size has increased and that is why you need to move or in the event of a job relocation. Second is the home your parents want to sell you their primary residence? That has an effect on the Gift of Equity. Third you will need to get your credit scores up to 620 to qualify in most cases. Gift of equity is an option. If you give me a call I can review your options and see if we can get your score up - 440-710-0488 Dave Macintyre
1 vote Thank Flag Link Sat Apr 5, 2014
Mrs Jones,

I believe the answers you have recieved so far are good. If your Current "FHA FIRST TIME HOMEBUYERS LOAN" was an OHFA (Ohio Housing Finance Agency) Loan, you want to talk with them ASAP. OHFA has a provision in their mortgage documents that says that If the property in no longer your primary residence, They will call the loan Due and Payable. Talk with you lender and make sure you are aware if this provision is part of your loan.
0 votes Thank Flag Link Sat Apr 5, 2014
its going to be a tough one to purchase it right now your credit score has to be at least 630 or higher I would check with the few lending institutions to see what your options are but I think it might be a little premature yet purchasing the house for 120 is an outstanding purchase there's a lot of lenders out there that do have creative financing but I know it all depends on your credit score hope this helps
0 votes Thank Flag Link Sat Apr 5, 2014
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