I wanted to give you the rules on FHA gift giving. Here ya go…
Acceptable gift donors for FHA loans…
1) Borrower’s relatives.
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
If you receive money from the State or a County sponsored organization for providing foster…
If you purchased a home using your own cash, and now would like to pull…
I wanted to remind you we have a 2% to 5% downpayment and closing cost…
Did you realize that when buying a house from an immediate family member – the…
Do you need cash out of your home, but you don’t want to refinance the…
Do you have investment property, and would like to pull cash out of your property?…
