Down payment funds may also come from someone else in the form of a gift, so long as that gift and the giver meet certain FHA requirements. In order to establish whether a particular gift of down payment money is permitted, we have to examine what the FHA describes as a bona fide gift.
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2 Responses to “Gifts for FHA Down Payments” kim Says: May 27th, 2010 at 5:06 pm. my mortgage lender is requesting that my mom provide a letter on bank letterhead w/ her bank account number on it. i am leary of this. she has given me a gift of $600. why would they need that info? she has already provided them w/ a letter stating that she has given the gift. please advise..
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But even this down payment could be a financial burden depending on circumstances, which is why FHA loan rules allow for gifts of down.
FHA is not the only loan program which allows for this gift. Conventional mortgage guidelines allow this as well. Actually if the property has a lot of gifted equity, this may be the preferred way to go. For instance, if there is 20% equity then the buyer could avoid PMI. Then the mortgage payment is lower and saves money each month.
FHA loans allow 100% down payment gifts.. But a feature of the Federal Housing administration (fha) mortgage can turn this low-downpayment loan into a zero-down program as well.