Can we use our wedding gift money towards the closing costs of our new home when it is an FHA loan?
Since we cannot get everyone to fill out a gift letter can we still use the money? My lender is telling me no. But if we have the money why can’t we use it?
Tags: closing, costs, gift, Home, Loan, Money, Towards, wedding
2011/09/10 at 22:15:41
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2011/09/10 at 21:57:24
They don’t care where the money come from! Just that you have it!!
2011/09/10 at 21:17:55
For FHA loans, they usually need to see the money in your accounts for 90 days.
This is b/c they do not want you having to pay back a loan in addition to their loan, thus creating more debt that they couldn’t see on a credit report that would make them loan you an artificially high amount of money.