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Do FHA Mortgage Lenders allow employers gift the borrower’s down payment?

Do FHA Mortgage Lenders allow employers gift the FHA mortgage applicants down payment?

 

Employer Assistance refers to benefits provided by an employer to relocate the FHA mortgage applicants or assist in the FHA mortgage applicants housing purchase, including closing costs, Mortgage Insurance Premiums (MIP), or any portion of the FHA mortgage applicants Minimum Required Investment (MRI). Employer Assistance does not include benefits provided by an employer through secondary financing.  A salary advance cannot be considered as assets to close. 

RELOCATION GUARANTEED PURCHASE
The Mortgagee may allow the net proceeds (relocation guaranteed purchase price minus the outstanding liens and expenses) to be used as cash to close.  If the FHA mortgage applicants is being transferred by their company under a guaranteed sales plan, the Mortgagee must obtain an executed buyout agreement signed by all parties and receipt of funds indicating that the employer or relocation service takes responsibility for the outstanding mortgage debt.  The Mortgagee must verify and document the agreement guaranteeing employer purchase of the FHA mortgage applicants previous residence and the net proceeds from sale.   

EMPLOYER ASSISTANCE PLANS
The amount received under Employer Assistance Plans may be used as cash to close.  The Mortgagee must verify and document the FHA mortgage applicants receipt of assistance. If the employer provides this benefit after settlement, the Mortgagee must verify and document that the FHA mortgage applicants has sufficient cash for closing.   

FHA-MORTGAGE-LENDERS.COM - DISCALIMER

US Mortgage Lenders has an extensive lender network that allows us to provide unique and mortgage solutions. Contact US for the most update information on terms and conditions. All Information on this site Is for example, hypothetical purposes and should NOT be relied on for decision making.
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