How to Receive a Gift From a “Non-Family Member” (FHA)

The general belief is that a gift on an FHA loan must come from a family member (click here for more on FHA gifts).  Well what about couples that haven’t quite tied the knot yet?  What can they do if one of them is not on the loan and they want to donate funds to help their valentine buy a house?  There is an option!

FHA guidelines state that a gift must come from a interested party.  The phrase “interested party” opens the door just enough to let girlfriend/boyfriend/life partner donors in the door.  The key is to document that they are in fact “interested” parties.  How do we do that?  Its simple:

1. We typically show that two lovebirds have a historyof living together with ID’s that show the same address and/or utility bills showing that they have in fact lived together.

2. We must also show that the two plan of occupying the new property together as well with a signed letter of explanation outlining the couples plan.

That’s it!  If you have any other questions about FHA Gift Funds please contact me.

http://www.JeremyHouse.com

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  1. […] of an FHA mortgage is that buyers are allowed to receive a gift from a family member (click here for more info on how to recieve a gift from a boyfriend, girlfriend, fiance or life […]

  2. […] FHA mortgage is that Phoenix area buyers are allowed to receive a gift from a family member (click here for more info on how to recieve a gift from a boyfriend, girlfriend, fiance or life […]

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