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 leeelliot61
Joined: 13 Sep 2009
Posts: 188
-0.07 Dollars($)
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 Posted: Wed Nov 04, 2009 6:02 am Post subject: Can I use gift funds as a down payment? |
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| Can I use gift funds as a down payment? |
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savior70
Joined: 25 Mar 2009
Posts: 1785
Location: Florida
239.73 Dollars($)
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| Posted: Wed Nov 04, 2009 6:15 am Post subject: |
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Hi,
You can surely use gift funds as down payment. The gift funds should not have any repayment obligations attached to them. It means the donor should give you the money, without requiring you to pay it back. |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 608
14.88 Dollars($)
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| Posted: Wed Nov 04, 2009 8:54 am Post subject: |
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You can use gift money for make payment for your loan due. But this money will not be considered in your income. As savior say you have to prove that this money is gift money.
Thanks.
gunz.ijjistaff.  |
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sonjakracine
Joined: 24 Oct 2007
Posts: 77
15.05 Dollars($)
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| Posted: Wed Nov 04, 2009 9:21 am Post subject: |
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| Only on an FHA loan and only from family members. |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 555
Location: River Edge, New Jersey
130.20 Dollars($)
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| Posted: Wed Nov 04, 2009 9:26 am Post subject: Gift Funds |
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The minimum down payment for an FHA mortgage is 3.5% and gift funds can be used for that 3.5% down payment.
For Fannie Mae and Freddie Mac mortgages, if the gift funds are 20% or more of the purchase price, you do not need any of your own money for the down payment. If the gift is less than 20% of the purchase price, you will need to make a down payment of at least 5% of the purchase price from your own funds before the gift.
_________________
John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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