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FLGuest
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Posted: Mon Mar 22, 2010 8:28 am Post subject: Buying Home From Family, Any Good Options?
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| We are in Florida and about 8 months ago we found a wonderful house in foreclosure. It was a cash only deal and we did not have it, so the husbands parents put up the money and have given us additional money to help with the repairs. Now the house is completely finished, up to code, remodeled from tip top to bottom and I feel like we are stuck. We need to purchase the home now but it seems like we hit one road block after another. We are easily approved for the size of the loan( around 85k), but after the repairs (we shelled out a lot also from savings) we do not have a huge chunk of change to dump on a down payment. So, we were told to go with FHA. Now we are told the FHA loans do not work on family transactions, that we can get one but it will only be for 85% instead of 96% so with the already slightly higher interest rates what is the point of going FHA. Are there ANY other options for us at this point? This has been a long, painful, and heart breaking process and I am at the point I just want to give up. We currently live in a mobile home that is paid for, the home we are looking at is an actually cbs house. |
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 jburke
Joined: 09 Mar 2010
Posts: 90
Location: National
17.46 Dollars($)
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jveenstra
Community Expert
Joined: 10 Nov 2008
Posts: 1310
Location: River Edge, New Jersey
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