Hey guys uh good afternoon it's Angelo Christian financial thank you so much for watching real estate insider where America goes for funding for the last 20 years call or text us at the number above the 832 today we're talking about FHA identity of interest, so you may have had this happen to you when you're getting a FHA loan, or you may have heard of before and your lender calls and says hey you know what our underwriter just found out we have an issue with your FHA loan uh there's an identity of interest problem, and they're lowering the loan of value from 96 and a half percent down to 85 percent you're like what so what the lo or the loan officer is telling you is that instead of you putting three and a half percent down you have to put 15 down, so this may have happened to you and there are many reasons why this can happen to you and essentially what the FHA identity of interest with that means is that somehow the seller and the buyer are affiliated uh in this loan transaction and that there could be some type of coercion and so what the government underwriter does is they cut the loan to value you see this in a lot of family gifts of equity purchases or somebody is trying to purchase the property that they're living in, but they haven't leased out the property for at least six months you have to be if you're buying the house that you're living, and you have to be in that property for a minimum of six months if you're doing a FHA family gift of equity you have to show that the utility bills are in your name or your driver's...
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About Fha Identity Of Interest Form
The FHA Identity of Interest Form is a document that is required by the Federal Housing Administration (FHA) when there is a transaction involving parties with an "identity of interest." An identity of interest occurs when a borrower and a seller, or other parties involved in the transaction, have a relationship with each other. This relationship could be through blood, marriage, or business. The purpose of the FHA Identity of Interest Form is to ensure that there is transparency in the transaction and to prevent any potential fraud or unethical behavior. It requires the parties involved to disclose their relationship to each other and provide information on the transaction. Examples of situations where an Identity of Interest Form may be needed include: 1. Family members purchasing a property from each other, such as parents selling to their children. 2. Business partners buying or selling property within their partnership. 3. Relatives or close friends engaging in real estate transactions. Overall, any transaction involving parties with a personal or business relationship that could potentially impact the fair market value or terms of the sale may require the FHA Identity of Interest Form. It helps establish the legitimacy and fairness of the transaction and protects all parties involved.
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