FHA Gift of Equity Purchase
Gift of Equity - When Your Down payment
is a Gift
Home buyers who can make a house payment with no difficulty sometimes
can't buy a house because they don't have the funds required for a
downpayment and closing costs. One solution to the problem--use a Gift
or your downpayment.
Yes, you can use gifted funds from your relatives for the down payment
on a house. You just need to get a letter documenting the gift, and then
give it to your lender. The letter does not need to anything fancy, but
it does need to include certain items:
member's name, address, phone number, and relationship to you.
The amount of
money they are giving you (exact fhalar amount).
The date of the
gift / donation.
verifying that they do not expect repayment.
will forward your application to one, single
FHA Specialist who will
contact you to discuss the best FHA
Programs and the lowest rates available at
this time. We do not re-sell, distribute, disseminate
your application information to telemarketers, multiple
lenders, or 3rd party marketing firms.