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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7
David Macint…, Mortgage Broker Or Lender, Lyndhurst, OH
Sat Apr 5, 2014
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
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Sat Aug 1, 2015
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0 votes
Kirsten Priz…, Agent, Naples, FL
Sun May 3, 2015
Consult a mortgage broker, this should be low risk deal. Or ask your parents if the home is payed in full maybe they will offer you a private mortgage for 1 or 2 years, which will help to increase your score.
0 votes
Bill Burress, Agent, West Chester, OH
Tue Apr 7, 2015
It looks like you need to do some credit repair first. With a score in the high 500's there are probably some credit issues you need to attend to. You may want to consult with a credit repair company instead of trying to fix it yourself. The algorithms the credit bureaus use are very complicated and changing. Sometimes when you try to fix your credit yourself you can accidently tank your scores. 640 middle score should be a minimum goal to go for in order to get a look from an FHA lender.
0 votes
dan, Home Buyer, Mentor, OH
Mon Apr 6, 2015
I don't want to assume anything. Good information brings good answers. The home that you own now is still being financed by an FHA loan? Second, what are the reasons for your credit being in the high
500's? Do you have a copy of your credit report?

Many people let their credit reports dictate their decision making process. I didn't sign up to have my
credit information reported by the credit reporting agencies. And, in my 24 years in the Mortgage industry, no one I've asked has signed up for it either.

What you probably need is a thorough review of your current situation (and that includes your credit) to give you the right information to make an informed decision.

Call us. You have questions, we have answers.

Make It A Great Day

Dan Stojovich
NMLS 204414

7200 Center Street
Suite 101 D
Mentor, Ohio 44060

440 821 5414
0 votes
Lenderbradfo…, , Cleveland, OH
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
Barbara Kach…, Agent, Twinsburg, OH
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
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