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Gift Funds for down payment and closing costs
#1
FHA allows a home buyer to receive 100% gift funds from a family member to be used for a home purchase and closing costs. Gift funds donor needs to sign a gift letter provided by the mortgage lender which states that the gift funds are only a gift funds and not a loan and that the gift funds will not be paid back. The donor of the gift funds needs to provide 30 days of bank statements showing that the gift funds have been seasoned in the donor's account for at least 30 days. The gift funds leaving the donor's account and going into the recipients account needs to be provided. The gift funds leaving the donor's bank account is reflected on the donor's bank statement. The recipient needs to provide a copy of the canceled check from donor of the gift funds as well as the deposit slip of the gift funds being deposited into the recipient's bank account.

Attached is a blog about gift funds.

http://gustancho.com/fha-non-occupant-co...uidelines/

 
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#2
Gift funds are allowed for FHA loan programs. A family member and/or relative can gift a home buyer 100% of the down payment on a home purchase. Here is an article on gift funds for down payment and closing costs on a home purchase:

http://gustancho.com/gift-funds-versus-o...ned-funds/

 
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