When are Gift Funds Allowed?
Contrary to many schools of thought there are still mortgage loan programs which permit the use of gifted funds for some or even all of a borrower’s down payment. In this post, we will focus on FHA loans specifically.
Although there are many more requirements, this post is intended to focus only on the highlights and covers today’s four common topics concerning gifted funds for down payment requirements for an FHA loan. However, because each situation is unique, it is advised that you contact a well-qualified licensed mortgage loan officer before making any decisions based on what you read here. If you are looking for a Conventional Loan, today’s Conventional 97 and My Community Mortgage also allows 100% of the buyers required down payment to also come from gifted funds.