Technically no, you still need to provide a 3.5% down payment. But if the 3.5% is gifted by an acceptable donor, it’s effectively zero down for the borrower. For arate and term refinance, you can get aloan-to-value(LTV) as high as 97.75% of theappraised value(plus the upfront mor...
Provide executed gift letter.If you have applied for a FHA loan, the FHA Certification sectionmust be signed by both the gift donor and the recipient acknowledging the warning stated in that section. FHA loans do not require notarization of the borrower’s signature. The gift must be in the ...
These gifts must be verified in writing, signed and dated by the donor. 🤓Nerdy Tip If you are using a state or local program to obtain down payment or other assistance toward an FHA loan, that program may have its own income limits and requirements. » MORE: How to find down ...
incurred. Funds Required to Close: Determine new debt was not incurred. Gift Funds on Deposit at Initial Submission: List donor’s name, address, phone number, relationship to Borrower and dollar amount of gift on application or in gift letter. Gift Funds not on Deposit at Initial Submission:...