Location: Florida
Submitted 09/12/12 08:49 AM

Q. I am the only one going on the loan as my husbands credit is not so good, but we are having to put down 3.5% for FHA & 3% downpayment, additional to that we have to show 6 months worth of payments so my husbands grandma is gifting us 5k. Being we are related by marriage is this acceptable? Thanks,Shannon~

 

Answer #1
Submitted 09/12/12 08:52 AM
Jeffrey DiMuria 321.223.6253 www.SouthBrevardBeachHomes.com, www.SouthBrevardBeachHomes.com (Coldwell Banker Sun Land Realty): Real Estate Agent in Melbourne, FL Jeffrey DiMuria 321.223.6253 www.SouthBrevardBeachHomes.com, www.SouthBrevardBeachHomes.com (Coldwell Banker Sun Land Realty)
Real Estate Agent
Melbourne, FL

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A.

to be frank Shannon...anything is available as long as it is all disclosed and the firm giving the loan (not the mortgage broker...but the bank) understands everything. If anything is being hidden from the bank it is mortgage fraud.

Answer #2
Submitted 09/15/12 12:29 PM
Sandy Williams (Keller Williams, sandy@sandywilliams.com): Real Estate Agent in Hallandale, FL Sandy Williams (Keller Williams, sandy@sandywilliams.com)
Real Estate Agent
Hallandale, FL

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A.

Yes,

 FHA has strict policies as it pertains tracking funds and sources of those funds.  FHA allows for monetary gifts to come from family members (so your husband's grandmother is acceptable).  Please do not have your Grandmother to just deposit the money in your account.  These funds have to accounted for and more than likely your Grandmother will have to sign a form stating the funds are coming from her.

Check with your lender and follow their direction.  The rules for mortgage loans change frequently, so just make sure everything is on board.

Good Luck and Congrats!

Sandy Williams, Keller Williams, serving Miami and the beaches.

www.sandyonthebeaches.com 

sandy@sandywilliams.com

 

 

 

Answer #3
Submitted 09/18/12 12:24 PM
Steve Javier: Real Estate Agent in Deltona, FL Steve Javier
Real Estate Agent
Deltona, FL

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A.

Absolutley, however if you still have time, counter your offer and ask for 3% Seller Concesion.

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