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Some prefer to make small down payments instead. Low-down-payment loans also allow cash gifts for down payment. For example, the FHA mortgage, which requires a 3.5% down payment allows cash gifts; and, so do the Conventional 97 mortgage and the HomeReady mortgage from Fannie Mae, both of which require just 3% down.
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Here are the minimum requirements for FHA down payment gift letters in 2014, along with a letter template you can use to get started. minimum requirements for fha gift letters. borrowers who use gifted funds to cover their down payments and/or closing costs for an FHA loan must obtain a gift letter.
Conventional. If you put down 20% or more, it can all be from a gift. If you put down less than 20%, part of the money can be a gift, but part must come from your own funds. This minimum contribution varies by loan type. You can only use gift money on primary residences and second homes.
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The FHA gift should say: The funds will be applied to your home purchase; You are not expected to repay the gift; The money wasn’t obtained behind the scenes from the seller, loan officer, real estate broker or anyone else associated with the transaction; Both the gift-giver and you, the recipient, must sign the mortgage gift letter.
In fact, even FHA loans could cost you nothing out of pocket. FHA and some other mortgage programs allow you to use gift money for the down payment. Using gift funds for a down payment is allowed for some loan programs as a way to increase the amount of mortgages offered.
· Well, a current or previous spouse can “gift” the money for a FHA loan. The other “trick” is that the money for the Gift Funds must be sourced. This means that we must prove that the person who is giving the funds has evidence that they had the money in the bank for several months, or we must document where they borrowed the money from.