Posted by River City on September 02, 2007 at 12:37:45:
Contact an FHA lender in your area and ask them. FHA does have to minimize their losses and this sounds like a very likely loss. A loss to FHA is a loss to taxpayers.
FHA loans and Land Trust together? - Posted by Kaitlyn
Posted by Kaitlyn on September 01, 2007 at 15:14:45:
Hi All,
I’m wondering, is it possible for a first-time homebuyer using government grants for downpayment and FHA loan be able to “buy” it in a land trust?
My sister is going to purchase a property in New York City. She is a first-time homebuyer and has located a source for downpayment/closing cost assistance (grant $).
She wants an FHA-insured loan, but has a “skeleton” in her closet which may put at sometime a lien in the property.
Could she instead of buying in her own name put it in some sort-of “revocable trust” - thus protecting her assets? (Would FHA/lender allow it???)
Thanks.
Re: FHA loans and Land Trust together? - Posted by Rich-CA
Posted by Rich-CA on September 03, 2007 at 19:50:20:
The FHA is in the business of helping people own their own homes, its mission is not to help investors. The FHA may actually help overcome this person’s “skeleton”. You need to talk to an FHA lender.