FHA Idenity of Interest
Can someone please explain this to me.
My daughter wants to purchase my primary residence. She doesn't live in the house. I had it listed with the real estate agent for 6 months, but it didn't sell. I told my daughter I would sell it to her, but all she qualifies for is a FHA loan. I see different information on line about it, some sites say they will only aprove 85% of the value. Other sites say that as long as it's going to be a primary residence you can still close with 3.5%.
Does anyone know exactly what the rules are with this? I'd like to know if she would be able to buy with 3.5 down, before we get the lawyers involved, and have to pay lawyer fees, and not be able to purchase the house.