Posted on: 17th Jan, 2013 04:09 pm
First time buyer, but my name is on my parents' paid off house (it was a gift). Am i still eligible for FHA? Should I give it a try anyway?
I'm interested in purchasing a 3 family home, do all banks require 25% down payment? I know once I have the house, I can make a double of the mortgage payment no problem...
Any advice?
I'm interested in purchasing a 3 family home, do all banks require 25% down payment? I know once I have the house, I can make a double of the mortgage payment no problem...
Any advice?
The fact that the home that your parents live is in your name does not prevent you from obtaining an FHA insured mortgage loan. FHA requires that you occupy the home being purchased. An owner occupied 3 family home is eligible for FHA financing with the same 3.5% down payment requirements as a single family home.
Welcome amyuser,
If your name is mentioned on a property deed, then you will be considered as an owner of that property. Thus, you won't be considered as a first time home buyer any more. However, you can qualify for a normal FHA loan if you meet all the other required criteria of the lender. In case of a FHA loan, you will require a down payment of 3.5% - 5%.
If your name is mentioned on a property deed, then you will be considered as an owner of that property. Thus, you won't be considered as a first time home buyer any more. However, you can qualify for a normal FHA loan if you meet all the other required criteria of the lender. In case of a FHA loan, you will require a down payment of 3.5% - 5%.