Short answer yes. If you would like a list of foreclosures, distressed properties (i.e. divorce bankruptcy ect.) in your area e-mail me and I will put you on the e-mail list.

Tue May 6 2008, 11:24

Hello,
Charitable gifts are offered with FHA loans. However FHA has certain guidelines you must meet (loan limits, etc..). In this case conventional loans offer other options. 100% financing might not be available right now, but you can still have your down payment come from borrowed funds or gift funds. There are specific guidelines but we can guide you step by step. Keep in mind a pre-foreclosure doesn't necessarily mean a good deal. Most pre-foreclosures are in their situation because the value is less than the amount they owe. If this is the case, you will need to be very patient, because the seller needs permission from their bank to sell the home for less (AKA Short Sale). For any seller to be willing to do that, they would be paying taxes on the difference of what they owed vs. what they sold the home for. Call me with your scenario and we'll put together some written options of programs available. We lend in the entire State of Oregon. If you are local, call 541-858-2522 or toll free 877-777-9763. Crystal Beard - Ambient Home Lending crystal@ambientlending.com www.ambientlending.com

Thu May 1 2008, 17:17

I've done a few of these lately. First, find a mortage broker that can do the FHA loan with the charitable gift...and has been doing them successsfully for a whiile. Next write the offer. Worst case, the seller says no.

Wed Apr 30 2008, 15:54

If you are asking if you can qualify for an FHA loan and receive a gift for the down payment of the purchase of a home in preforeclosure I think the answer is yes, but you should talk to a lender who can ask the appropriate questions to understand what it is you are specifically wanting to do. You would need to qualify for a loan, which is the first step in readiness for a purchase. I can recommend someone to you who can answer this question if you contact me via my email address directly. Have a great day! jlizotte@prunw.com.

Wed Apr 30 2008, 15:08