All Forum Posts by: Joseph Denesowicz

@Doug Pretoriusthanks Doug. Helpful info on a possible option for us. It still seems as though the most likely option for us would be to save the $12,000 or so over the next year to put down with a FHA loan. Does that not sound like a good idea? My friends are generous but they did stress to me that if I were to not purchase by the one year mark, than they would rather put the house on the market. The only reason they are renting to us, is to give us a chance to get a loan and get into the their house. I guess I'm just digging for benefits to the gift of equity our friends are willing to give us.

Thanks for the advice. How would I pitch it to my friends in a way that it would be beneficial to them? 

I am currently looking to buy a family friends house that my family is currently renting. The friends were interested in selling their late Mother’s house earlier this year, and I was interested. However after talking to a lender (multiple lenders), they informed me that because my income is all cash and a new career, I need to show one more year of taxes before getting a loan. My friends offered to rent me the house for way under market value until I can get the loan. So we currently are renting the home. We do not have much in savings for a down payment, however, our friends agreed to sell us the house for well under market value. The house hasn’t been appraised but let’s say hypothetically the house is worth 400,000 and they would sell to us for 350,000. Is there a way to use that “gift of equity” as down payment, or any other options to help us out and save some money. Maybe suggest seller finance? The down payment? How can we make the most of this generous opportunity. Thanks guys!