Immediate family members can gift a down payment on FHA, but did you know that they can also borrow money, then gift it to the FHA borrower for a down payment or to pay off debt? There are lots of ways to help first-time homebuyers today, so call me!
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Answer: Yes. [tweet-start]Gift funds can be used to pay off debt, and they can be borrowed for FHA loans.[tweet-end] Gift funds do not have a specific designation as to their use. They are just a source of funds that must be documented to identify that they were derived from an acceptable source. See the guideline […]