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FHA gift funds from grandparents-in law?

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Community Leader
Super Contributor

Re: FHA gift funds from grandparents-in law?


@rtb1980 wrote:

Thanks for your help,

I'll contact him and ask him to clarify why the gift funds won't work.

 

What he told me was, "per FHA, the down payment cannot come from a grandparent – in law unless your spouse was on the loan."


Hi OP and welcome to myFICO

 

And if your LO doesnt get it or understand the rules, find another LO who does because you’re guaranteed to have more snafus with your LO. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 11 of 13
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Community Leader
Super Contributor

Re: FHA gift funds from grandparents-in law?


@homebuyer360 wrote:

I'm assuming you are speaking of the 401k loan. Take the money out of the 401k to put towards the mortgage. Then use the gift from your relative to pay off the 401k loan.


i dont recommend doing this OP. As jville said, there’s no reason to go to this extreme. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 12 of 13
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Valued Contributor

Re: FHA gift funds from grandparents-in law?

Any update and hopefully good news?
Message 13 of 13
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