Contrary to many schools of thought there are still mortgage loan programs which permit the use of gifted funds for … More When are Gift Funds Allowed?
FHA Underwriting Tip;
FHA allows a borrower to meet the minimum statutory investment by using gift funds from either a close family member, government agency or approved non profit.
FHA requires that all gift letters include the section 1010 verbiage below –
Click Here for sample letter with all of the HUD requirements. Continue reading FAQ – What is the FHA Gift Funds Section 1010 Verbiage