Can I borrow money from my parents to finance my mortgage down payment?

Borrowing money to finance your mortgage

You are able to borrow money for a down payment... that's the good news.  FHA does allow certain flexibilities that Fannie Mae and Freddie Mac don't allow.  One of those flexibilities is that you can borrow the down payment money that is required for your home.  FHA does require a 3.5% down payment but that doesn't have to come from you.  That can come from mom and dad, another family member or a close relationship that you can document.

If you don't have the money set aside to afford a down payment.  Let's talk to your family, let's talk to some friends, but most importantly let's talk to First Option Mortgage so we can show you what some of those options might be.  To contact us about an FHA Mortgage please fill our our Fast Response form to the right or find a First Option Mortgage Location.