Do FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost?

FHA Mortgage Lenders refer to Gifts as contributions of cash or equity with no expectation of repayment.

FHA Mortgage Lenders Allow Gift Funds from the following approved sources

• The FHA mortgage applicants Family Member;
• The FHA mortgage applicants employer or labor union;
• The FHA mortgage applicants close friend with a clearly defined and documented interest in the Borrower;
• a charitable organization;
• The FHA mortgage applicants a governmental agency or public Entity that has a program providing homeownership assistance.

Cash on Hand is NOT and cannot be used an acceptable source of donor gift funds.

Only Family Members may provide equity credit as a gift on property being sold to other Family Members.

FHA Mortgage Lenders Similar Questions Include:

FHA Mortgage Lenders Source Of Down Payment And Reserves

Category: FHA Mortgage Guidelines

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Do FHA Mortgage Lenders Allow Gifts for Down Payment And Closing Cost?

Category: FHA Mortgage Guidelines

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