FHA Gift Funds: How do you use a gift for your down payment when buying a home?

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Home buyers can use FHA gift funds from a family member to help with some or all of the down payment on a home. It’s important to talk to your loan officer at the beginning of the process of buying a home if you are interested in using gift of equity funds for your down payment.

Sourcing FHA Down Payment Gift Funds:

-Where Money Came From (bank statement or cancelled check from donor)

-Money In Transit (copy of wire, cancelled check or cashier check)

-Money Received (copy of bank statement showing deposit into home buyer’s account)

-Gift Letter filled out by donor

-Down payment gift must be from family member

Getting a gift from a family member to help with your down payment when buying a home can make or break the deal for many home buyers. Talk to us to structure this properly for you.

Sean O. McGeehan

Mortgage Loan Officer

NMLS 220835

847-613-7843 Phone

847-728-5291 Fax

www.seanmcgeehan.com

“Illinois Residential Mortgage Licensee” Sean McGeehan, Loan Officer

NMLS 220835

Phone 847-613-7843

Peoples Home Equity

14150 S Bell Road

Homer Glen, IL 60491

NMLS 63371

“Illinois Residential Mortgage Licensee” “Materials are not from HUD or FHA and the

document was not approved by the Department or Government Agency.”

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FHA Gift Funds: How do you use a gift for your down payment when buying a home?