I saw this post and went into to see my lead buyers agent to see how this would work for us. Joyce says that Keith has explained it very well but that here in Pensacola, Pace and Gulf Breeze we have several programs that will get buyers a 100% loan. So call Joyce and get to work on the specifics and let us get you moving.

THOUSANDS OF HOMES.... One Address www.charlesstallions.com

Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414

Charles is a Real Estate Investor of 25 years, a Real Estate Broker for 15 years while holding several degrees in management, an expert in the buying and selling of real estate. Whether you’re buying your first home, second home, vacation home, investing in rentals, a kiddie condo for college or your dream home, buying any home is an investment in the future and you owe it to yourself to have Charles’s expertise to buy right and make the right decisions for YOU. For over the phone evaluation and NO Obligation CALL NOW! you have OPTIONS, we have FACTS, let’s TALK

 

Via Keith Landis - Pennsylvania Mortgages (NMLS#137243 Keystone Home Finance, Pittsburgh PA):

FHA Mortgages and Gift Funds

 

FHA Mortgages allow borrowers to use Gift Funds to meet the 3.5% down payment requirement.  When using Gift Funds to purchase a home it is important that Gift Funds be documented properly to avoid any issues with the FHA underwriting process.  The primary intention of these rules is too make sure that the FHA borrower is not also borrowing their required 3.5% downpayment and that these funds truly are a gift.  

Acceptable souces for these gifts  

  • a borrower's relative
  • a close friend with a clearly defined and documented interest in the borrower
  • a charitable organization
  • a government program that provides down payment assistance

 

How to accurately document these funds is as follows... 

 

If the gift funds ...

Then the lender must ...

 Are already in the borrower’s account

 

obtain 

·   a copy of the withdrawal document showing that the withdrawal was from the donor’s account 

· the borrower’s deposit slip 

· bank statement showing the deposit

 

 

Are to be provided at closing, and 

· are in the form of a certified check from the donor’s account

 

obtain

 

· a bank statement showing the withdrawal from the donor’s account, and

·  copy of the certified check 

 

 

Are to be provided at closing, and 

·  are in the form of a cashier’s check, money order, official check, or other type of bank check

 

· have the donor provide a withdrawal document or cancelled check for the amount of the gift, showing that the funds came from the donor’s personal account

  

Reference  

HUD 4155.1 Chapter 5, Section B 5-B-1

 

 

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Keith Landis is a Licensed Mortgage Loan Officer covering all of Pennsylvania.  He can be reached toll free at 877 334 6094 or on his cell at 412 726 1654 or by email at klandis@keystonehomefinance.com 

NMLS # 137243

further information can also be found here....

 

pennsylvania mortgage news

trulia - keith landisfacebook keith landisPennsylvania HARP Mortgage

 

 follow me on facebook  pensacola property search

Charles Stallions is your complete source for all Pensacola FL real estate and local events and information. 

Charles Stallions
Broker

Office Phone: 850-478-8811
Office Fax: 850-332-6838
Email: charles@charlesstallions.com
View Listings
 

1 Comments on FHA Mortgages: Documenting the Transfer of Gift Funds

MAY
10
2012
496,815 Points 29 Featured Posts Outside Blog Called Shot Master

Great re-blog. This is such a crucial issue that can cause such headaches and time delay. I spend a lot of time, during the preapproval process, to make sure the clients understand how to manage the gift fund process correctly.
1:59am • #1


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
187912_178598755487745_6635510_n Rainmaker_large

Charles Stallions, 800-309-3414 - Pace & Pensacola Short Sales and Foreclosures

Pensacola, FL

More about me…

Charles Stallions Real Estate Services

Address: 139 E. Burgess Rd, Pensacola, fl, 32503

Office Phone: (800) 309-3414

Cell Phone: (850) 324-5109

Email Me

Why Pay More To Get Less? Charles Stallions Real Estate Services charges a flat fee of $2995 or $1495 PLUS 3% if you want to be in the MLS. What do you get? Our 27 step program. . includes print advertising in the #1 magazines, 8 or more websites for homes for sale. Open Houses, Tour Of Homes -Auction style, Lots of signage, Realtor Alerts and much more. Call 800-309-3414 for over the phone details with no obligations.


Listings

Links

Archives

RSS 2.0 Feed for this blog