Asked by Arara, Vacaville, CA • Tue Apr 16, 2013
I am trying to purchase my fathers home with a gift of equity. I was told by a Mortgage Advisor recently that FHA guidelines require 15% down when you have a non-arms length transaction (which means you are buying from a blood relative).
I thought you could purchase with the FHA standard downpayment with a gift of equity?
I am also interested in a 203K loan for the property. The house was built in the 1950's and is need of renovation. How can I go about obtaining this? Is it difficult to do?
Thank you for any advice!
Real Estate in Vallejo
Popular Categories in Vallejo
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!