Question:

Why use a Gift of Equity home loan program?

Answer:

A Gift of Equity home loan program is one that allows you to purchase a house from a family member - with no down payment and below market price.

What are the benefits from a Gift of Equity mortgage program?

You will need good credit and won't need to make a downpayment. Thus, if you want to invest your cash somewhere else, or pay your child's tuition the Gift of Equity mortgage plan will be best for you.

A Gift of Equity home purchase will let you fund 100% of your home. Those Gift of Equity programs were developed because lenders recognized the need of a mortgage program for buying a home from a family member at reduced cost and no down payment.

If you are approved for Gift of Equity mortgage loan, you will receive a Gift of Equity Letter from the lender, explaining the specific terms of the loan.

Gift of Equity Free Form loan may be also used for debt consolidation. Talk to a lender doing Gift of Equity loans about the debt consolidation options.

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Common misspellings: mortage and morgage