Fast Free Consultation!

Loan Amount
Type of Loan
Rate Your Credit
Powered By ChronoForms - ChronoEngine.com

 

 

Can gift funds to purchase a home using an FHA loan come from the seller, lender or other interested party?

Answer

For FHA qualifying the gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them. Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes. The exceptions to this rule are: 1. When parents are the sellers. 2. When the real estate agent is a relative.

Handbook 4155.1: 5.B.4.c
 

Serving every city and town in Florida including:

Arcadia  | Aventura | Boca Raton | Boynton Beach |  Bradenton | Brandon | Cape Coral | Clearwater | Clewiston | Cocoa Beach | Cooper City |  Coconut Creek | Coral Gables | Crystal River | Daytona Beach | DeLand | Deerfield Beach |  Dania Beach  | Davie  |  Delray Beach | Dunedin | Englewood | Ft Lauderdale | Fort Pierce | Fort Walton Beach  |  Ft Myers | Ft Walton Beach | Gainesville | Hallandale | Hobe Sound | Hollywood | Inverness | Jacksonville | Key West | Lakeland | Largo | Margate | Melbourne | Miami | Mount Dora | N. Ft. Myers | N. Miami Beach | Naples | Ocala | Ojus | Oldsmar  | Orlando | Ormond Beach | Palm Harbor  |  Palm Bay | Panama City | Pensacola | Pompano Beach | Port Charlotte | Port St. Lucie | Punta Gorda | Santa Rosa | Sarasota | Siesta Key | Springhill | St. Augustine | St. Petersburg | Sunny Isles | Tallahassee | Tamarac | Tarpon Springs | Tampa | Titusville | Venice | Vero Beach | Wesley Chapel | West Park | West Palm Beach | Winter Haven | Winter Park