Home Buying in 03079>Question Details

hector h,, Other/Just Looking in 03079

Family member offer to help out so i can reach 20% downpayment. Should this affect my rate/apr if im applying thru an FHA Loan?

Asked by hector h,, 03079 Fri Apr 5, 2013

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You should be asking your loan officer as they will want to see that money ion your account for a specified amount of time as well as a gift letter that you do not have to pay it back. The benefit of FHA is a 3.5% down payment, you may be able to get a better rate on a conventional loan if you are putting down that much, have your loan officer compare different programs for cost and benefits.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi Hector, I would call your mortgage professional for the answer. If you have more questions and are ready to view homes please feel free to contact me at 603 490 4849.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi Hector, the best person to answer that question would be a Mortgage Professional. If you are ready to look at homes, have not hired a REALTOR and you are in Southern NH please give me a call. I'm happy to help.
Melani Taillon-603-397-2397
0 votes Thank Flag Link Fri Apr 5, 2013
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