Employer Gift for Down Payment – FHA Mortgage Loan

Mortgage and Lending with NMLS# 335055 335055

Employer Gift for Down Payment – FHA Mortgage Loan

‘Employer Assistance’ refers to benefits provided by an employer to relocate a borrower or assist in the borrower’s home purchase, including down payment, closing costs and Up Front Mortgage Insurance Premium(UFMIP). A salary advace or loan cannot be used.

The amount of the gift does not matter. The lender will simply add this amount to the borrowers available funds to be allocated at closing.
This can be a one-time bonus for an employee. It can also be defined as relocation help from the employer.
Some documentation will be required. Tell your Loan Officer at time of application as it does affect their paperwork internally.

If you have questions about whether you qualify for an FHA Loan…. Or just want to chat about home loan qualifying.
Call The LouisiaLoanGuy, Tom Burris today!!
214-763-4629 cell/text/nights/weekends


Comments (1)

Cathy Criado
Criado Realty - San Antonio, TX
Making Real Estate Profitable

Tom, thanks for sharing some tips for employer downpayment gifts. I'm sure not too many companies do this so not too many people are familiar with it, but that makes it even more valuable a post. Those that read it and have that scenario will benefit. Have a fantastic day!!

May 25, 2018 05:50 AM