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Question by Anthony: Question concerning FHA loans and Purchasing a home with cash?
I’m thinking about purchasing a bank-owned home, and would ultimately like take an FHA loan out for it. I have a friend who would loan me the whole acquire price for the home in money (in order to close rapidly and get a greater deal from the bank). Can I still finance the home through the FHA program following I do this? Given that effectively the funds would go to pay back my buddy for the borrowed cash?
Greatest answer:
Answer by the kid
There would be no point.
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