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Updated about 6 years ago,
How to Assign a deal to an FHA Loan
I am a Broker in Marble Falls, TX. I have a wholesaler that I work with who is going to assign a home (in surprisingly great condition) that he got under contract pre foreclosure to a my buyer who is a first time home buyer using a downpayment assistance program and an FHA loan. The lender is saying that FHA requires that the house be purchased from the owner, not an assignor. How do we write up the agreement so that the buyer purchases directly from the owner while still giving the assigner his fee and keeping FHA happy?
Thanks!
Kale