I wanted to give you the rules on FHA gift giving. Here ya go…
Acceptable gift donors for FHA loans…
1) Borrower’s relative.
2) Borrower’s employer or labor union.
3) A close friend with a clearly defined and documented interest in the borrower.
4) A charitable organization.
5) A governmental agency or public entity that has a program providing home ownership assistance.
Unacceptable gift donors for FHA loans…
1) The seller.
2) The real estate agent or broker.
3) The builder or an associated entity.
Gifts from these sources are considered inducements to purchase, and must be subtracted from the sales price.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
One of the most important things you will have to do when you apply for…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…
Do you need cash out of your home, but you don’t want to refinance the…
In the mortgage world there are rules we have to follow. Such as, rules about…
Do you have investment property, and would like to pull cash out of your property?…
