Need to get buyers financed.......My first deal help!!

I have a property under contract and have a couple that really wants to buy the house to live in. The problem is they don’t have money to put down. They say they have good credit but who knows?

Under contract for $36,500
Selling for $45,000
ARV $75,000 - $80,000
Repairs needed $7000 - $10,000.

The couple wants to get a loan for $50,0000 so they have fund to make repairs. Probably need $55,000 to cover closing costs.

Assuming thier credit is good, can they get an FHA loan if I gift them the max allowable percentage as a gift toward down payment considering I only have the property under contract and don’t actually own it?



They will need to get a HML or private financing to close the deal as you have described it above. You cannot sell a house you do not own. No conventional lender is going to approve it like that. FHA is the same way. Sorry to be the bearer of bad news.

Thanks!! Will have to find someone to asssign it to.

Try doing an owner financing by creating a note and finding a simultaneous note buyer to purchase it.