Specialized In Jumbo Loans, Investor Loans, DSCR Loans, Non-QM Financing, Commercial Mortgages, and Tax-Informed Lending Strategies
Published By
David Ghazaryan
Owner / Broker / Banker
Contact Me At
(702) 766-3744
NMLS 1486726
Loan Type Matters: FHA loans have very strict rules, generally limiting gift donors to family, employers, or charities. Conventional loans offer more flexibility, allowing gifts from relatives, a fiancé, fiancée, or domestic partner.
Documentation is Non-Negotiable: Both loan types require a meticulous paper trail. This includes a formal gift letter stating the funds are not a loan, bank statements from the donor to prove they have the seasoned funds, and proof of the electronic transfer.
Avoid Common Pitfalls: To ensure a smooth process, you must avoid red flags like cash deposits, mismatched information on documents, or any language that suggests the gift needs to be repaid. Following the correct procedure is crucial for loan approval.
Read the full blog article here: https://www.iqratemortgages.com/blog/florida-fha-vs-conventional-loan-gift-fund-rules
Using gift money for your house has a hidden rule. I'm David Ghazaryan. I see where these paths go wrong. One loan type only allows gifts from your close family. The other loan type lets a fiancé or partner help. The wrong choice or bad paperwork stops your home purchase. I explain more in the article. Links are in description.
Read Blog Here: https://www.iqratemortgages.com/blog/florida-fha-vs-conventional-loan-gift-fund-rules
