WHAT CAN I USE TO PAY THE DOWN PAYMENT & CLOSING COSTS OF AN FHA LOAN? HOW DOES MY CREDIT HISTORY IMPACT MY ABILITY TO QUALIFY FOR THIS?

Asked by Brandongoodman, Fort Lauderdale, FL Mon Mar 11, 2013

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Kawain Payne, Agent, Seal Beach, CA
Mon Mar 11, 2013
BEST ANSWER
Hello Brandon,

You can use funds from your savings, 401K or a family member can GIFT you the funds.

You can not borrow your closing cost or down payment. If you get a GIFT the person giving you the gift will have to write a gift letter stating the funds are a gift, and that they do not expect to be repaid.

Your credit history will be a factor in getting loan approval.

I suggest you go to HUD.GOV on this websit you can get valuable info on the home loan and buying process. You should do some research of your own before you contact a lender.

Best of Luck to You!

Kawain Payne, Realtor
Web Reference:  http://www.Hud.Gov
1 vote
marc jablon, Agent, Boca Raton, FL
Mon Mar 11, 2013
To get the answers to these questions, call a mortgage banker that realtors rely on. Call Preston Ware at 561-329-0075. Or go to http://www.PrestonWare.com

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
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