About 30% of mortgage buyers used a gift or loan from family or friends, Zillow reported this week. Here is how FHA gift funds work under HUD rules: who can give, what the gift letter must say, how to document the transfer, what money cannot be a gift and how Texas buyers can keep the gift from delaying closing.
Mortgage rates just hit their highest level in nearly three years, and more Texas buyers are asking whether they can take over a seller’s FHA loan. Here is how an assumable FHA loan works under HUD rules: the credit review, occupancy, fees, the seller’s release, the equity gap and why subject-to deals are risky.
Texas REALTORS say many buyers this year were surprised by how much property taxes affected what they could afford. Here is how escrow works, why the seller’s tax bill is not your tax bill, and how the $140,000 school homestead exemption and the 10% homestead cap apply to new owners.