Good Morning!
Recently I sent out an email about gift giving on conventional loans.
I wanted to touch on when gifts are allowed (and not allowed) on FHA loans as well.
Here’s who can’t give you a gift on an FHA loan…
The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
Here’s who can give you a gift on an FHA loan…
Your parents or immediate family.
The realtor can give you a gift if the realtor is your immediate family.
You can also get a gift from a legitimate grant program (city, county, state, or national).
Have a great day! Thanks for reading!
Brett
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