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Financing in Billings : Real Estate Advice

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  • Local Info3
  • Home Buying16
  • Home Selling1
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Activity 3
Mon Nov 7, 2016
Tony Grech answered:
The guy below is incorrect.
A gift is exactly that, a gift. He must sign a letter stating no repayment is expected.

A secured loan (or "collateralized loan") is a permissible source of funds for a gift. Dad would need to provide a copy of the note from the loan against his truck, plus a copy of the proceeds check and proof he deposited it into his account before gifting it to you.

It's a heck of a paper trail, but it is permissible under FHA guidelines. Here are the pertinent guidelines:

If the gift funds are being borrowed by the donor and documentation from the bank or other savings account is not available, the Mortgagee must have the donor provide written evidence that the funds were borrowed from an acceptable source, not from a party to the transaction.
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Mon Oct 14, 2013
rivergirl821958 answered:
We have 2.5 acre lot on 64th ST we want to sell. It is flat, square and has a ton of water for a well. All Utilities are right on the property including natural gas. What can we expect it to be worth in this market. ... more
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Mon Jan 21, 2013
Andy Onushco answered:
There are a number of ways to structure this to make it work. It is really a banking question, related to mortgage qualification. Find a lender who is well versed in VA loans and he/she will likely be able to help you get qualified. In the meantime, there are a number of things that can be done to repair credit.
Good Luck! Andy Onushco, owner of Andy O Realty, Keller Williams Capital Realty, Helena MT.
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