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All Forum Posts by: Tyler Hasenauer

Tyler Hasenauer has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: 203 K loan "gifted" down payment and closing

Tyler HasenauerPosted
  • Wallace, NE
  • Posts 2
  • Votes 0

Thank you Kevin Fox! That is helpful!

0 Votes
Buying & Selling Real Estate

Post: 203 K loan "gifted" down payment and closing

Tyler HasenauerPosted
  • Wallace, NE
  • Posts 2
  • Votes 0

Hey everyone! I'm a first time home buyer and I am looking at a 2 unit house that I would like to house hack. However it is a foreclosure and needs rehabbed so I'm attempting to take the FHA 203 K route. However I don't have enough money for all of the closing costs with the downpayment. I have a friend that would loan me the money but the FHA requires that the money given must be a gift. In other words there can be no intention of paying it back. This has obviously thrown a wrench in the process for me. I have family that could potentially help me out as well but they would still want paid back with interest. Is there anyway around this or any creative ideas? Thank you

0 Votes