Posted on: 22nd Mar, 2010 08:28 am
We are in Florida and about 8 months ago we found a wonderful house in foreclosure. It was a cash only deal and we did not have it, so the husbands parents put up the money and have given us additional money to help with the repairs. Now the house is completely finished, up to code, remodeled from tip top to bottom and I feel like we are stuck. We need to purchase the home now but it seems like we hit one road block after another. We are easily approved for the size of the loan( around 85k), but after the repairs (we shelled out a lot also from savings) we do not have a huge chunk of change to dump on a down payment. So, we were told to go with FHA. Now we are told the FHA loans do not work on family transactions, that we can get one but it will only be for 85% instead of 96% so with the already slightly higher interest rates what is the point of going FHA. Are there ANY other options for us at this point? This has been a long, painful, and heart breaking process and I am at the point I just want to give up. We currently live in a mobile home that is paid for, the home we are looking at is an actually cbs house.
Are you on the title to the home?
If the seller is a family member you should be able to purchase the house using a gift of equity or if you're on the title and can show a vested interest in the house you should be able to treat it as a refinance.
[Link deleted as per forum rules. Thanks.]
If the seller is a family member you should be able to purchase the house using a gift of equity or if you're on the title and can show a vested interest in the house you should be able to treat it as a refinance.
[Link deleted as per forum rules. Thanks.]
I can not tell who owns the house.
Did the parent's buy the house and the title is in their name and they own it free and clear???
Or, is title in your name?
Did the parent's buy the house and the title is in their name and they own it free and clear???
Or, is title in your name?
