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?