FHA Gift for down payment?
My wife will be the only one on the mortgage, but I will be on the title with her. Will there be any problems if I "gift" her money for the downpayment? I read somewhere that the person giving the gift needs to be independent of the transaction. Am I still considered "independent"?
- Anonymous1 decade agoFavorite Answer
I agree with Ryan M. Being married the money is both of yours. If you are doing an FHA loan then you cannot go on the deed when you close, you will have to be added on to the deed a little later, FHA only allows the person going on the mortgage to be on the deed at closing. However, if you are doing a conventional loan you shouldn't have any trouble being added at closing.
- Anonymous4 years ago
FHA enables your down fee to come again out of your mothers and fathers. they don't enable it to come again from a loan from somebody else. there is not any information that this funds got here out of your mothers and fathers - even the letter from them. commonly what's needed is information that the funds were of their account for a while, then they withdrew it and deposited it on your account. This paper path would not exist now, The lender could settle for a letter out of your mothers and fathers asserting it particularly is "mattress funds". that's the term for funds saved at domicile extremely of in a financial enterprise. Is that how your mothers and fathers shop all their reductions? they have no checking or reductions money owed? Then it particularly is plausible... otherwise, you could not get it approved.
- chatsplasLv 71 decade ago
Sure you can do this.
Main thing is that the money is gift NOT expected to be paid back.
Probably not an issue if she just takes the money from joint checking or savings account, won't even need gift letter.Source(s): real estate investor
- Ryan MLv 71 decade ago
No you are not independent, but since you are married it does not matter how much you give her. Legally you and her are the same person.You will be OK
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- DeeDeeLv 61 decade ago
this isn't an answer, but most mortgage companies and lenders will insist that all parties on the title, also be on the mortgage.