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Tim
The rules are changing so fast on mortgages that I can’t keep up. Suggest you talk to several mortgage brokers in your for the answers.
Also, your buyers can get a MUCH better deal if they go through a credit union so check with them too. There are NO junk fees and there are NO mortgage broker commissions so the buyer will save at least 3% on those fees. Credit Unions are under different rules than a mortgage company or bank.
Jackie
hello everyone,
I have questions about getting around the down payment on FHA loans? FHA has increased it’s down payment requirement to 3.5%. I am looking for ways to get around this so i can sell my homes quickly. I heard Jack say on the money matters course that FHA will allow the potential buyer to sell something to get the money for the down payment. He said that the buyer could sell an option on the home they are buying and you can pay them for the option, this would provide the money for the down payment. is this still something that can be done?
Also, does FHA allow you to use the reverse rental credits for a down payment?
I currently have 2 land home packages that will be ready to sell in the next month. I am just looking for ways to get around the down payment because my competition is offering 100% financing for these land home packages doing fraudulent things. I want to do it the right way!
thanks for the help!
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