Sunday, August 16, 2009

No Down Payment No Problem; FHA to the Rescue

As a follow up to my April 3, 2009 post, “First Time Home Buyer; Got the FICO, need the 3-4% Down, I know where you can get it Tax Free,” I noticed that FHA loans also allow gifts for the entire down payment and closing costs. This is huge whether or not Mom and Dad have a ROTH, as previously posted.

No down payment, no problem. Just make sure you discuss with your lender what time frame is needed for Mom and Dad to make the gift before jumping in and doing it. This could save some headache and hassle down the road.

These are probably the best buying conditions in 30 years! If you would like to search the Athens MLS please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!

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