FHA Loans- Down
Payment Gifts
The down payment
can be 100% gift funds. This is one of the key benefits to the FHA
program.
Verification of
the source of gift money is not required. However, it is necessary
that the gift funds be deposited in the borrower's bank or savings
account, or in an escrow account, prior to underwriting approval.
Proof of deposit is required.
Gift donors are
restricted primarily to a relative of the borrower. They can also
be certain organizations, such as a labor union or charitable
organization. Contact your local branch for complete information
.gif){kind=small}
