Can money promised gift to groom accepted as a source of funds for FHA loans?
Can I give my money pledged for the payment of a down payment FHA loan? I am in the mortgage / loan application. We've been together for 5 1 / 2 years, lived together for 3 and 1 / 2 years (documented), and he's in my insurance (who signed an affidavit of domestic partnership in this regard). We meet all legal requirements for common-law spouse, except that we have, "he said, all presented as husband or wife of one." Our loan officer told us that I can deposit money in your account at any bank at all, b / c they do not count as a reliable source of funds. Apparently I can not even not put money in your account to pay OUR bills? The whole situation seemed very strange to me, as we've always just transferred money by the respective accounts to pay bills. And when I say that even I transfer funds to your account to pay bills NOS, I will not throw a fate apparently can not even save $ 27?!?
Since you're not a family member can not be made up of gift fund him for a loan from the FHA. Furthermore, what has been said about depositing money is correct, you can not, but should be able to pay $ 300 at the time without problems, provided it is not very often. Do not make this a joint account before buying the house, this may cause additional problems and not on the loan. There may be a way out though. If you have a relative who is willing, can not give that family member the amount of money you want to give the loan, then family members can turn around and donate the money to her boyfriend, but he must do so immediately and let the season "in the family member represent as much as possible before they need to gift back. See if your lender agrees to this method. Why not one of these loans in spite of? Credit Problems? Make sure your name is on the act once married ….
FHA Mortgage Insurance-Described by Twin Cities Mortgage Broker
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