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FHA Downpayment

MoBra
Established Member

FHA Downpayment

If I am applying for a FHA mortgage in my name only can my spouse get a cash advance from a credit card for gift funds?



Credit is like my best friend and biggest heart break

Message 1 of 13
12 REPLIES 12
StartingOver10
Moderator Emerita

Re: FHA Downpayment

No, because it is borrowed funds. The lender has to source the funds. 

Message 2 of 13
ezdriver
Senior Contributor

Re: FHA Downpayment

Downpayment cannot be borrowed funds. You have to prove the source of a downpayment. We cannot advise you how to get around that requirement.

Message 3 of 13
MoBra
Established Member

Re: FHA Downpayment

Thanks, I thought so.



Credit is like my best friend and biggest heart break

Message 4 of 13
StartingOver10
Moderator Emerita

Re: FHA Downpayment

Why don't you try one or more of the following:

  • You are allowed to borrow from a 401k or similar type retirement fund (that you have)
  • Gift funds are allowable - even 100% gift, from a relative
  • You can sell things around the house to put together a down payment, just keep good records of what it is you sold, to whom. how much etc.  Or have the funds from the sale in your account for a min of 60 days prior to application
  • Get a second job - you won't be able to use the income to qualify, but you can use it to save up a down payment
  • What about crowdfunding? Start a request for a down payment on one of the legitimate crowdfunding sites

You can do it. It just might take a little bit of planning to get the down payment you need.

 

 

Message 5 of 13
MoBra
Established Member

Re: FHA Downpayment

Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!



Credit is like my best friend and biggest heart break

Message 6 of 13
MoBra
Established Member

Re: FHA Downpayment

Meaning there is a way around it....LOL! Thanks for the response.Smiley Wink



Credit is like my best friend and biggest heart break

Message 7 of 13
StartingOver10
Moderator Emerita

Re: FHA Downpayment


@MoBra wrote:

Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!


The lender has to see the source of the gift. So yes, if you have gift funds, the lender will want to see the bank statement of the gift donor to verify the funds.

Message 8 of 13
MoBra
Established Member

Re: FHA Downpayment


@StartingOver10 wrote:

@MoBra wrote:

Those are all great suggestions! If the gift comes from a grandparent, would they require the grandparents bank statement? My grandfather would give me the money but he wouldn't provide anyone with his bank statements. Old school fella!


The lender has to see the source of the gift. So yes, if you have gift funds, the lender will want to see the bank statement of the gift donor to verify the funds.


Great information and very much needed. Thanks! Will they require two months bank statements from the Grandparent?



Credit is like my best friend and biggest heart break

Message 9 of 13
StartingOver10
Moderator Emerita

Re: FHA Downpayment

I don't know if they will ask for two statements or just one for the gift funds verification.

Message 10 of 13
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