Gifty Equity non owner occupied

aquavision · Joined: 27 Nov 2007 Posts: 1 1.26 Dollars($)

does anynone know of a bank that does gifty equity non owner occupied 70%ltv fico 720 stated, verified assets contact John

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi aquavision,

Welcome to this forum.

I think Wells fargo gives gift equity loan. You can try to contact them. Before going for the loan, you should check their guideline thoroughly.

Thanks,
Larry

kpatrick · Posted: Wed Nov 28, 2007 6:54 am Post subject:

Hi Aquavision,

I have never dealt with this particular scenario...but I have done loans with gifts of equity, but they have all been on owner occupied homes, and from family members. So, like Larry said, you need to get with a loan officer to check this out, but my guess on this would be that it will not be available on non-owner occupied deals. Especially in today's financial climate.

Generally this is used when it is a family home that is being purchased by another family member. Otherwise, in a non-owner occupied situation, this would be considered a seller contribution. Again, if you are buying this from a family member, this might be an option...

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