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My parents want to sell me their house. Zillow currently says it is worth $130,000, but they will sell it to me for $100,000. I would be a first-time home buyer. Can i still purchase this home with the FHA loan?
Yup, you can buy the home from your parents. The maximum loan-to-value would be 85%, or if you've been a tenant in the property for the past 6 months then you could get an FHA loan up to 96.5% (see 2.C. in the below link)
http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.2.B.2
On a purchase, the value is the lower of the purchase price of the appraised value.
If you haven't been a tenant in the home for the past 6 months, then you'd need to put 15% down. If you don't have 15% to put down, and since the home is worth $130,000 (Zillow isn't the most accurate FYI), you could buy the home for $118k and your parents could gift you 15% ($17,700) of it's equity, so you'd only have to obtain a mortgage for $100,300.