Can I give my fiance any money for the down payment on an FHA loan? I’m not on the mortgage/loan application. We’ve been together for 5 & 1/2 years, lived together for 3 &1/2 years (documented), and he is on my health insurance as we signed an affidavit of domestic partnership. We meet all legal requirement for common law spouse except that we have NOT “declared/introduced each other as husband/wife” to anyone.

I am getting a mortgage loan on a house that a family member owns. If that family member turns around and gives me money back from the house purchase what is involved? Thank you

My husband and I are buying a house from my father. He will be the mortgage lender on a 30 year loan. We are happy with this arrangement, but what happens if we decide to sell the house before the 30 years is up?

Press conference and rally against foreclosure of the house of Leslie Parks in Minneapolis on November 13, 2009

Hello, ok, my parents have helped out my husband and I great deal…they are loaning us the money to be able to buy a home for all cash. As we were forced to foreclose on our home a few years ago, we are unable to get a normal loan yet. They are really wealthy, and offered to basically act as the bank. They have given us the money to purchase the house, but we have a legal contract that we pay them a monthly mortgage payment, including 4% interest. It is on a 5 year balloon, which means we will pay them off in 5 years with a new loan from a bank. Now, I m extremely grateful that they are helping us like this, but they are also making money from the arrangment as well, which I think is great. Escrow is about to close, and I wonder if/what i should do as a thank you…besides the obvious card. What do you think? My husband thinks that since they are charging interest, we don’t need to do any type of thank you gift, just a sincere card or something, but I think that something more would be appreciated. What do you think? What would be something nice to get them?

to a lower rate and found out today that our mortgage has been purchased by Fannie Mae. To refi is there a set closing cost/fee? We are wanting to deal with Chase and the lady there just told me she won’t know anything until May 2nd because our mortgage isn’t with them currently. Does anyone know if this is going to cost a lot of money to refi? Last month we were going to do this but chase wanted 7500 (had to buy down points) and 3500 for closing as well as an additional 100 a month pmi which we currently don’t pay. I thought the new deals were to help people get out of the hole a bit so I didn’t expect so much charged to do this. We currently have a 6% fixed interest only payment but want out of it before it balloons. We are not asking for lower principle or trying to get out of a loan just want lower rate. We were one of the families that were lied to who had a variable and were told it could only go up a limited amount in a year and our 3rd month the payment went up $ 800 so we took this current one in desperation. We are not behind on payments and pay a bit extra every month. We currently owe 193K, our payment is 965 a month, we do our own taxes 3000 annually, 800 home owners and our home just appraised for 230K. Any idea what we may be looking at?

• thank you gift for parents
• thank you gifts folr parents
• thank you gifts for parents

Huh? Do you not bother reading what the “bailout” consists of?

First off, the government (NOT THE BANKS) forced the banks to lower their lending standards due to recent tweaks to the Democrat-sponsored Community Reinvestment Act of 1998. This causes a temporary boon for the “rich” as the lower class run out to buy 10 times the house they can afford.

Second, the banks have to write off tens of billions in bad loans that they were forced to give or face unrealistic penalties from the government, and the companies begin to tank. This causes massive losses the the “rich” as the assets of the companies tank.

Third, the government BUYS mortgages (and now apparently credit card and auto loans which I can’t believe) from the banks at a discount to face value (asset value) and will reap the benefits the government as home prices rise in the future. This is at best a wash for the “rich” as they unload risky assets (they all won’t default) but they lose value on the loan as they only get paid asset value, not face value.

Lastly, the government gives judged the authority to realign loans to lower, more affordable interest rates for those that are facing forclosure. This MASSIVELY benefits the speculators, those that can’t manage their finances, those that bought above their means, and those that should’ve never owned a home in the first place, in other words THE LOWER CLASS, not the “rich”.

So in the end, the middle class gets screwed with any possible losses (but won’t recieve tax relief when any profits are realized, that’s for sure) while the only ones that benefit are the morons that tried to beat the system, can’t read a mortgage application (and were “handed” a bad loan according to Hillary Clinton) and people that just don’t feel like paying their bills.

How you come to the conclusion that this is some bailout for the “rich” (other than the typical blind Bush rage) is beyond me. It’s clearly a bailout of the incompentent, something we should get used to if Obama wins the Presidency. “Government encouraged neighborliness” is just around the corner.
“after all, no-one’s ‘bailing out’ people who lost their houses through making a long series of bad decisions and poor choices.”

This is precisely what is happening. I should stop paying my mortgage so I can bailed out too! Oh, wait, I have pride in myself and I’m responsible enough to make responsible decisions and take responsibility for them. This is a HUGE bailout of the incompetent, not Wall Street.

I recently read about a gift equity loan on yahoo answers and am a little confused on how it can work best for me.

My parents bought a home for 350K and put 20K into the home and have rented it for 3 years. With the rent they have received, they have been breaking even with the bank and only owe 310,000. They want to sell me the home for the 310K so in this situation what is the best way to go about this, would using a gift equity loan be the best option and could you explain why?

Info:
Annual salary: 380,000 (before taxes)
Im willing to put a downpayment of around 60,000
Good credit
No debts, car payments, or student loans

Also, I have heard that banks will give around 3x your annual salary as a loan which in my case would be close to 250K and with my 60K down payment that works out perfectly but if I can save my down payment to put towards fixing up the home or other things that would be amazing so any ideas?

Ive used a few mortgage calculators and without the gift of equity loan I will pay around 1600 a month including taxes and hazard insurance so can someone tell me how much I might pay with the gift of equity loan?
Wow another great answer tax lady, if you read this again, could you edit your response and let me know what YOU think the best way to go is for my parents and I?