Gifts on FHA

Updated: 06/11/2018
Article #: 97


 

Yes - generally we ask for an LOE explaining relationship

(2) Standards for Gifts
(a) Acceptable Sources of Gifts Funds Gifts may be provided by:
  • the Borrower’s Family Member;
  • the Borrower’s employer or labor union;
  • a close friend with a clearly defined and documented interest in the Borrower;
  • a charitable organization;
  • a governmental agency or public Entity that has a program providing homeownership assistance to:
    • low or moderate income families; or
    • first-time homebuyers.

    Any gift of the Borrower’s MRI must also comply with the additional requirements set forth in Source Requirements for the Borrower’s MRI.

 

Original question:
Can FHA borrowers get a gift from a friend, or does it have to be a family member?  Thanks!

 

 


 






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