A first time home buyer can purchase a home from their parents and use the equity in the home for down payment and closing costs. For example, your parent's home is worth $150,000 but they are willing to sell it to you for $140,000. You can use the $10,000 difference or equity to cover down payment and closing costs. We should point out that if the home appraises for less than the agreed upon selling price then you will need to come up with some cash for closing.
This program allows you to purchase a fixer upper home or foreclosure and roll in repairs or improvements into the mortgage. The loan is based on the appraised value after the improvements have been completed and you only need a 3.5% down payment. Visit FHA Streamline Renovation Program to find out more about our streamlined FHA rehab program with easier qualifying guidelines and less steps to fix up and close on a home which needs some tender loving care.
You can purchase a HUD owned property or FHA Foreclosure with $100 down payment than standard FHA program and the seller can pay for some or all of the closing costs.Eligible states include: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee.Single family, 2 to 4 mulit-unit, PUD, and HUD or FHA approved condo projects, and homes located in disaster areas are eligible. Find Foreclosures Now!
Please contact us at 847-305-3162 or email Dream@FirstHomeBuyers.net if you have questions or want more details on these great programs. Please apply for FHA mortgage if you would like to get pre-approved today for this program.