Comments on: FHA: Does It Need A Massive Market Share? http://www.fhaloanpros.com/2007/08/fha-does-it-need-a-massive-market-share/ The Unofficial Guide to FHA Loans & Mortgages Fri, 25 Jul 2008 18:01:11 +0000 http://wordpress.org/?v=2.0.5 by: Peter G. Miller http://www.fhaloanpros.com/2007/08/fha-does-it-need-a-massive-market-share/#comment-122 Mon, 27 Aug 2007 18:32:02 +0000 http://www.fhaloanpros.com/2007/08/fha-does-it-need-a-massive-market-share/#comment-122 Emily -- You raise an interesting idea. Certainly gifts are allowable by FHA. That said, HUD has campaigned for years to dump groups such as Nehemiah. Please see: <a href="HUD Nixes Excess Gift Plans" rel="nofollow">HUD Nixes Excess Gift Plans</a> and <a href="http://realtytimes.com/rtcpages/20010115_hud.htm" rel="nofollow">HUD Withdraws Proposed Seller Assistance Ban</a> as examples. Emily –

You raise an interesting idea. Certainly gifts are allowable by FHA. That said, HUD has campaigned for years to dump groups such as Nehemiah.

Please see:

HUD Nixes Excess Gift Plans

and

HUD Withdraws Proposed Seller Assistance Ban

as examples.

]]> by: Emily http://www.fhaloanpros.com/2007/08/fha-does-it-need-a-massive-market-share/#comment-121 Mon, 27 Aug 2007 17:38:04 +0000 http://www.fhaloanpros.com/2007/08/fha-does-it-need-a-massive-market-share/#comment-121 FHA absolutely has allowed for borrowers to get financed with practically no money - that 3% of their own funds requirement can be met with gift funds. Gift funds can be built into the contract much like a concession with several assistance programs (Ameridream and Neimiah to name a couple) that are completely acceptable and FHA approved. At this point, the borrower just has to front the appraisal, earnest deposit, homeowners insurance and credit money. If the LO structured the loan right and can evidence these payments the borrower can get the money the put into the deal back at closing. FHA absolutely has allowed for borrowers to get financed with practically no money - that 3% of their own funds requirement can be met with gift funds. Gift funds can be built into the contract much like a concession with several assistance programs (Ameridream and Neimiah to name a couple) that are completely acceptable and FHA approved. At this point, the borrower just has to front the appraisal, earnest deposit, homeowners insurance and credit money. If the LO structured the loan right and can evidence these payments the borrower can get the money the put into the deal back at closing.

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