![]() The net proceeds of such a trade-in may be used at closing time when purchasing a home with an FHA mortgage, but no cash back to the borrower is permitted from the dealer or athird party to the transaction. HUD 4000.1 says of these transactions, “Trade-In of Manufactured Housing refers to the Borrower’s sale or trade-in of another Manufactured Home that is not considered real estate to a Manufactured Housing dealer or an independent third party. Proceeds From The Trade-In Of Manufactured Housing ![]() What do the FHA home loan rules say about such transactions and how such funds can be used? The answer is in HUD 4000.1, which addresses a variety of such sources. That can include proceeds from the trade-in of a manufactured home, the proceeds from the sale of real estate, or the proceeds from the sale of private property. ![]() When discussing the permitted sourcing of FHA home loan down payments or cash to close, many borrowers want to know if certain kinds of sources are acceptable to the lender. FHA Home Loan Down Payment Rules: Cash To Close SourcesįHA home loan down payment rules include requirements for the sourcing of funds used to make that down payment and/or provide cash to close the deal.ĭown payment funds and sources of cash to close must be properly documented by the lender to insure the cash does not come from unacceptable sources such as non-collateralized loans (payday loans, credit card cash advances, etc.) or in the form of “gift funds” that are not really gifts but have an expectation of repayment. ![]()
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