Posts: 567
Registered: ‎10-04-2012
Re: Starting the fha loan process!

Sorry, you are correct. Looks like I was given bad info by a loan officer (imagine that ...)


FHA allows gifts to be used as downpayments IF they come from a relative, employer or labor union, a close friend with a clearly defined and documented interest in the borrower, a charitable organization or a government agency / public entity which provides home ownership assistance to first time buyers or low to moderate income buyers.


My apologies for the bad info.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k