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Answers (3)
- steven stewart, "Steve Stewart Sr"
- Contributions:27
Dan I was able to find your answear after a few hours of searching HUD hand book.
Good Luck
Steven Stewart
funds can be borrowed for the total required investment as long as satisfactory evidende is provided that the funds are fully secured by investment accounts or real property such assets may include stocks, bonds real estate. in addition, certain types of loans secured against deposited funds, such as signature loans, the cash value of life insurance policies, loans secured by 401-k, etc., in which repayment maybe obtained through extingushing the assest: do not require consideration of a repayment for qualifying purposes. howvever in such circumstances, the asset securing the loan may not be included as assets to close or otherwise considered as available to the borrower. Unacceptable borrowed funds include signature loans, cash advances on credit cards, borrowing against household goods and furniture and other similar unsecured financing.
handbook 4155.1:5.b.7.a-b
Good Luck
Steven Stewart
funds can be borrowed for the total required investment as long as satisfactory evidende is provided that the funds are fully secured by investment accounts or real property such assets may include stocks, bonds real estate. in addition, certain types of loans secured against deposited funds, such as signature loans, the cash value of life insurance policies, loans secured by 401-k, etc., in which repayment maybe obtained through extingushing the assest: do not require consideration of a repayment for qualifying purposes. howvever in such circumstances, the asset securing the loan may not be included as assets to close or otherwise considered as available to the borrower. Unacceptable borrowed funds include signature loans, cash advances on credit cards, borrowing against household goods and furniture and other similar unsecured financing.
handbook 4155.1:5.b.7.a-b
- steven stewart, "Steve Stewart Sr"
- Contributions:27
Dan, I was trying to find in FHA guidelines where it state you can boorower money but wasnt able to. but to the best of my knowledge you can borrower the down payment. You have to show a paper trail of the money and factor the repayment into your debt obligation. Find a local lender before you transfer any money to show you how to structer this but it can be done, most lender may not like thou.
Good Luck
Steven Stewart
Good Luck
Steven Stewart
- Karen Paytas, "Karen. Paytas"
- Contributions:77
Dan,
Good Afternoon!! You are not allowed to borrow money to obtain a loan. You can get a gift of money from an immediate family member. You will need the to sign a gift letter document. You loan officer can explain how this works. You can also ask a seller to contribute up to 6% of your closing costs, although most will only contribute up to 3%. If you need the assistance of a buyers agent to locate a new home give me a call and I'll be happy to help.
Good Afternoon!! You are not allowed to borrow money to obtain a loan. You can get a gift of money from an immediate family member. You will need the to sign a gift letter document. You loan officer can explain how this works. You can also ask a seller to contribute up to 6% of your closing costs, although most will only contribute up to 3%. If you need the assistance of a buyers agent to locate a new home give me a call and I'll be happy to help.
can i borrow 5,000 dollars from a friend for a down payment on a fha loan
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