Advantages of FHA loan?

[Jazzzy]

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@ShanetheMortgageMan wrote:

They all had overlays.  Fannie Mae (and most PMI companies) do not have any minimum investment requirement on the borrower for 1-unit owner occupied properties.  2+ units & 2nd homes require the first 5% to come from the borrower (investment properties don't permit gifts).  To solve the gift issue though, you can be added to the bank account and then the funds are considered yours.

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 Shane, are there time requirements as to how long your name has to be on the bank account?

[ShanetheMortgageMan]

Some lenders want to see the last 2 months of bank statements with the name on it.  Some will accept a VOD (verification of deposit) which just verifies who is currently on it, current balance, and average balance for the last 60 days.