Buying a home under the FHA (Federal Housing Authority) program has helped millions of homeowners over the last few decades. In fact, the number of people that are using an FHA mortgage to buy their first home has noticeably increased in the past ten years. One of the primary reasons for the increase is the lower down payment requirement. While a conventional loan may demand a 5% or 10% down payment, FHA only requires 3.5% of the sales price or the home's appraised value, whichever is smaller. However, borrowers need to be aware that FHA has some strict rules concerning where the money for the down payment comes from.
Allowable Sources for Down Payment
FHA has made a list of the various types of accounts that are deemed acceptable as a source for the down payment money.
· Savings accounts
· Checking accounts
· Private savings club
· IRA account
· Savings bonds
· 401(k) account
· Money from the sale of other personal items
· Gift funds
Using a Gift for Down Payment
It is possible that the money used for the down payment can be in the form of a gift from a relative. For young couples buying their first home, it is quite common to get a gift from an older relative such as a grandparent or uncle. FHA does have rules governing the gifts.
If the gift is in the form of cash or personal check, then the donor needs to provide proof of withdrawal along with a copy of the check and the borrower must deposit the money in their account and show proof of deposit.
If the gift is in the form of a cashier's check then the donor must offer a copy of the withdrawal information showing that the funds indeed came from their personal account.
It is the responsibility of the closing agent to make sure the right documents are obtained and submitted with the loan file.
The Gift Letter
Besides the previously mentioned documents, the homebuyer will also need to get a gift letter that includes the following information:
· Full name of the person giving the gift
· Signature of the donor
· The amount of money being given to the homebuyer
· Home address for the donor
· Phone number for the donor
· Name of the borrower
· Relationship between borrower and donor
· Signature of borrower
ทาวน์โฮมมือสอง กรุงเทพ · The letter must indicate that this is a gift without any expected repayment
· The letter should indicate that the funds did not come from any party that is involved with the sale of the home.
So long as a borrower receives a gift within these guidelines there should be no problem getting approved for the loan.
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