Posted on: 27th Nov, 2007 07:51 pm
does anynone know of a bank that does gifty equity non owner occupied 70%ltv fico 720 stated, verified assets contact John
Hi aquavision,
Welcome to this forum.
I think Wells fargo gives gift equity loan. You can try to contact them. Before going for the loan, you should check their guideline thoroughly.
Thanks,
Larry
Welcome to this forum.
I think Wells fargo gives gift equity loan. You can try to contact them. Before going for the loan, you should check their guideline thoroughly.
Thanks,
Larry
Hi Aquavision,
I have never dealt with this particular scenario...but I have done loans with gifts of equity, but they have all been on owner occupied homes, and from family members. So, like Larry said, you need to get with a loan officer to check this out, but my guess on this would be that it will not be available on non-owner occupied deals. Especially in today's financial climate.
Generally this is used when it is a family home that is being purchased by another family member. Otherwise, in a non-owner occupied situation, this would be considered a seller contribution. Again, if you are buying this from a family member, this might be an option...
I have never dealt with this particular scenario...but I have done loans with gifts of equity, but they have all been on owner occupied homes, and from family members. So, like Larry said, you need to get with a loan officer to check this out, but my guess on this would be that it will not be available on non-owner occupied deals. Especially in today's financial climate.
Generally this is used when it is a family home that is being purchased by another family member. Otherwise, in a non-owner occupied situation, this would be considered a seller contribution. Again, if you are buying this from a family member, this might be an option...
