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For an FHA loan downpayment can the gift funds be provided from a friend or other unrelated party?

Answer

An outright gift of the cash investment is acceptable if the donor is a close friend with a clearly defined and documented interest in the borrower. No repayment of the gift may be expected or implied. The gift donor may not be a person or entity with an interest in the sale transaction. The gift funds must be documented in accordance with HUD Handbook 4155.1 and meet all restrictions of the referenced section.

Handbook 4155.1: 5.B.4.b,c
 

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