When are Gift Funds Allowed?
Contrary to many schools of thought there are still mortgage loan programs which permit the use of gifted funds for some or even all of a borrower’s down payment. In this post, we will focus on FHA loans specifically.
Although there are many more requirements, this post is intended to focus only on the highlights and covers today’s four common topics concerning gifted funds for down payment requirements for an FHA loan. However, because each situation is unique, it is advised that you contact a well-qualified licensed mortgage loan officer before making any decisions based on what you read here. If you are looking for a Conventional Loan, today’s Conventional 97 and My Community Mortgage also allows 100% of the buyers required down payment to also come from gifted funds.
Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183