Why should one use a Gift of Equity home loan program?

Hi,



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In this Gift of Equity home loan program you can purchase home from family member allowing you some benefit. As you are puchasing it with family member some consation is there that market value and there is no need of downpayment.
Down payment saving is major factor here. There is huge savngs through this program and you can hide information from outside world. This is useful for debt cosolidation sometimes.

to use the Family Gift of Equity program is to avoid the PMI.

If you are over 20% equity on the transaction, you could possibly purchase with a Conventional loan with $0 down and have no PMI.

Will be a great monthly savings...

Best of luck!

Gift equity home loan program provides following benefits-

1) Transfer property to family members.
2) No down payment.
3) Transaction done below market price.
4) Zero PMI.
5) Family member gets low cost home.

i'm so glad to find everyone in agreement here...however, couldn't this have been answered once? must there be a repetitive strain with query after query?

can a wife do a gift of equity to a husband that was never on title? lady bought the house with previous husband, they divorced previous husband quit claim deed property to wife , wife remarried new husband trying to do gift of equity so we they can remove mortgage from previous husband. please help! need a correct answer....

thanks,

terry :d

terry i don't understand...i get all of it up to the point of "so we they can remove mortgage from previous husband." a gift of equity is used to sell a home. are you truly trying to sell your home to your husband?

a more appropriate way to handle this (if i have any understanding) is to use a quit claim deed from you to you and him together (e.g. jane smith to jane smith and bill smith), and then you go along your merry refinancing way.