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 … [Read more...]

Getting a Gift on an FHA Loan

Many Arizona FHA home buyers have everything they need except for the down payment required to purchase a home.  One of the great features of an FHA mortgage is that Phoenix area buyers are allowed to receive a gift from a family member. If a Arizona FHA home buyer is going to receive a gift for their down payment and/or closing costs, there are a few simple steps that FHA/HUD require every FHA mortgage lender take the borrower through in order for the gift funds to be allowed. FHA Home Loan … [Read more...]