Who Can Give A Gift On An FHA Loan?...

Good Morning!

 

FHA gift questions come up often.

 

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

Get Pre Approved For A Loan Here

My Previous Blog

Who Can Give A Gift On An FHA Loan?...

Good Morning!

 

FHA gift questions come up often.

 

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

Get Pre Approved For A Loan Here

My Previous Blog

How To Get A 97% Loan Without Paying Mortgage Insurance...

Good Morning!

 

Did you know that we do piggy back loans up to 97% loan to value ratio?

 

We do!

 

A piggy back loan is where we do two loans – one at 80%, and a second up to 17% simultaneously.

 

You would put down 3% in this scenario, and we would finance 97%.

 

The advantage to a piggy back loan over a single loan is that you don’t have to pay the private mortgage insurance that comes with conventional loans over 80% LTV.

 

You will be surprised how much money you can save by using piggy back financing compared to single loans with MI.

 

Give us a call or shoot us and email and we'll show you how much money you can save!

 

Have a good day today! …and thanks for reading.

 

Brett

 

Get Pre Approved For A Loan Here

My Previous Blog