FHA Loan Requirements?
I have worked for a relatively small company (approximately $1.2 million gross per year.) It is a small office with only about 10 employees. I am - I guess you would say - 2nd tier in the company. My employer has stated over the years that he would provide a gift for the help with a down payment of a house when the time comes. This offer is only out to me and one other associate. I have received my loan committment from Countrywide and now they are saying they may not allow the gift since there is no employee handbook stating that this is available. I told her I am sure he will write a letter saying this was offered to one other employee. I have searched online and I don't see any restrictions on employer gifts for an FHA loan. Does anyone have any insight into this? Thank you.
The loan is not the issue - I am getting it and I am not worried about it. He has already signed a gift letter. My question is do FHA loans have any specific restrictions for employer gifts?
I meant to say the gift isn't the issue.
I already have a signed committment letter from Countrywide - is it too late to find another lender?
I did tell Countrywide that there was no employee handbook. I have been straightforward with everything - this gift offer is only out to one other person in my office who holds the same title as me - I just happened to be utilizing it first as she is not ready to purchase a home. Would it have been better if he called it a "One time housing bonus" and put it through payroll? I would have to pay taxes on it but at this point - I don't really care - I just want this done.
- David BeasleyLv 41 decade agoFavorite Answer
Find another lender. There is no FHA guideline stipulating WHO can give you the gift. This is a Countrywide limitation designed to make sure they can sell the loan later.
To use the employer gift, you must:
1) signed Gift Letter (a standard FHA form) stating that it is not to be repaid
2) provide a statement of the account that the gift comes out of (proving it is not borrowed $)
3) a copy of the cancelled check
4) a statement from your account showing the $ deposited
Get with a mortgage professional who understands FHA guidelines and your deal will sail through!
Best of luck!
PS. You are under NO obligation to Countrywide. You have the right to your financial information and the appraisal. You can move your loan elsewhere if CWide won't do it... AND you can get a contract extension based on CWide's restriction... the seller will likely comply.Source(s): Mortgage professional.
- FRANKLv 51 decade ago
You need to tell Countrywide there is no employee handbook, since one does not exist. You seem to be very straight foreword, so you can appreciate the importance of accuracy in loan applications. If Countrywide does not find this acceptable, then you can go elsewhere. Hopefully, they accept what you have provided, and you can close the loan.
I have had bad dealing with Countrywide changing terms of approval for loans I have place with them. That is why I stopped using Countrywide. (I am a mortgage broker.)
- kemperkLv 71 decade ago
Countrywide is one lender.
Best deal; get the employer to create,
yesterday, a foundation or trust. Have that
trust donate the down payment to you.
This can be done in 30 days --the time it
takes for an LLC or corp to be filed by
GET the letter from the employer NOW.
hold onto it. i don't trust
employers who say anything till they
perform.Source(s): RE broker
- furtickLv 44 years ago
If she graduated interior a similar line of artwork that she's at the instant in, and he or she has 2 years properly worth of employment (inclusive of the revenues shop), a reliable FHA underwriter can/will approve that loan. e mail or IM me in case you desire to get greater specific