Gift of Equity -
When Your Down payment is a Gift
Home buyers who can make a house
payment with no difficulty sometimes can't buy a
house because they don't have the funds required
for a downpayment and closing costs. One solution
to the problem--use a Gift or your downpayment.
Yes, you can use gifted funds from
your relatives for the down payment on a house.
You just need to get a letter documenting the gift,
and then give it to your lender. The letter does
not need to anything fancy, but it does need to
include certain items:
The family member's name, address,
phone number, and relationship to you.
The amount of money they are
giving you (exact dollar amount).
The date of the gift / donation.
A statement verifying that they
do not expect repayment.
FHA Loan Information
The FHA does not lend money.
The FHA (Federal Housing Administration)
is part of HUD & backs individual
We are not affiliated with the Federal Housing Administration,
the Department of Housing and Urban Development,
or any other government agency. We are an FHA Educational
Our responsibility is to help
you find the best FHA Approved Lender who
can help you secure home financing.
When you fill in our short application
we will provide your information to one, (and
only one!) FHA Approved Lender
who can help you based upon many factors, including
your Credit Score, your State Location,
and the Type of Loan you apply for.