Updated over 9 years ago on . Most recent reply
FHA lenders, Worcester MA?
Hi there,
Wondering if anyone can recommend a mortgage lender who can do an FHA loan on a 3 family in the Worcester MA area. My business partner and I are looking to purchase a multifamily in the next few months.
My partner will be putting the loan is his name and was already pre approved for a first time buyers loan through his bank with 5% down.. The only issue is the down payment would be coming from his father in the form of a "gift" and his bank will only allow his father to gift him 1.5% of the 5% which kind of defeats the purpose of us using his money because he's wiling to contribute a lot more than that.
To my understanding, with an FHA loan, the entire 3.5% can be gifted by his father which is why I'd like to find a reliable lender who can help us out with this loan.
Thank you!