Financing in Acworth>Question Details

My1stgahome, Home Buyer in Kennesaw, GA

My fiancé, whom I have live with and share children with is about to by her 1st home. I will not be on the mortgage due to my credit issues.

Asked by My1stgahome, Kennesaw, GA Tue Sep 25, 2012

However, I would like to gift her between $500 -$1000 towards a downpayment by giving her 1 or 2 of my paychecks. My question is 1) can I give her gift money and 2) can I give her money order (s) and a copy of my check as proof since I don't have a bank account?

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Answers

6
Consult with her mortgage lender. If she is using FHA gift funds are allowable but there are a few guidelines.
1 vote Thank Flag Link Tue Sep 25, 2012
For a lender to allow the gift there must be a paper trail. If you photocopy your check and allow her to deposit it into her account that would be a papertrail. If you cash a check and then purchase a money order there is no trail and it is not allowable.
0 votes Thank Flag Link Wed Jan 23, 2013
Hello,
I am a professional real estate agent who has helped many first time home buyers in Kennesaw, Ga.
I know several loan officers who are local in Kennesaw, GA and can help your fiancé. My contact information is on my website at http://www.JacklinsDreamHomes.com
I look forward to helping your fiancé.
0 votes Thank Flag Link Sat Sep 29, 2012
Good afternoon,

1. Yes you can give her gift money in most cases. The only problem with that is the fact you are not a "family" member. You'll need to write an affidavit indicating the nature of your relationship. Not every Lender will accept a Gift from a non-blood relative.

2. Unlikely you can make the Gift in the way you describe. Typically we Lenders want to see the Gift monies in the Donor's account prior to the Gift. We then want to track the funds as it moves out of the Donor's account and into the Borrower's account.

Your best source for specific guidance is your Mortgage Banker who prequalified your fiance for the mortgage financing.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
To give a gift, all loan programs require that the donor must show their ability to give a gift. This is done by using the donor's bank statements. I do not see how you be be able to give her a gift if you do not have a bank account.

Since the payroll check is written by a company, that would not really qualify since she is not an employee of that company. I would suggest opening a bank account with your name on the account. Otherwise, you are going to encounter logistical issues trying to meet FHA gift requirements.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Wed Sep 26, 2012
Good answer from Bob.

What mortgage program are you checking out?
0 votes Thank Flag Link Tue Sep 25, 2012
She is going with FHA. Her loan officer has a different answer everyday. However, he has stated that gift letter, money orders, and a copy of my payroll check should suffice. He said if the underwriter has a question or problem my fiancé will be notified. I don't want to mess things up for her in underwriting which is why I decided to post this question on the board.
Flag Tue Sep 25, 2012
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