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They can give you an outright gift, but they cannot give you a loan. Since it's a forgivable loan that puts it in kind of a gray area - since it's a loan but will eventually be a gift after 4 years. I think underwriting would have a problem because if you don't stay with the company for 4 years then it'd be considered a repayable loan. However if it's a secured loan (like a 2nd mortgage on the home) then it would be OK, but would have to be under the below guidelines:
With advance approval, FHA will insure a first mortgage loan on a property that has a second mortgage or lien held by an individual or a company, provided that:
· the secondary financing is disclosed at the time of application
· the required minimum cash investment is not financed
· the insured first mortgage does not exceed FHA mortgage limits
· the combined loan-to-value (CLTV) ratio of the first and subordinate liens does not exceed the applicable FHA loan-to-value (LTV) limit
· the borrower can afford the total amount of the payments
· any periodic payments are level and monthly
· there is no balloon payment during the first ten years, and
· there is no prepayment penalty.
Repayment terms for a second mortgage from an organization or a private individual must
· not include a balloon payment before ten years (or other such term acceptable to FHA), unless the property is sold or refinanced, and
· permit repayment by the borrower, without penalty, after giving the lender 30 days advance notice.