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:

  1. The family member's name, address, phone number, and relationship to you.

  2. The amount of money they are giving you (exact fhalar amount).

  3. The date of the gift / donation.

  4. A statement verifying that they do not expect repayment.

*Note: We 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.