is it ok for my boyfriend to gift borrowed money to me?
my boyfriend gifted me money to go towards closing costs of the house i am buying....my mortgage broker had him sign a gift letter stating that I do not have to pay him back. the money he gifted me was part of his student loan, so he will eventually have to pay it back. is it a problem that he used borrowed money to gift to me?
It's generally OK to have a boyfriend/girlfriend gift you money for a down payment or closing costs on a FHA loan. You just have to establish a longstanding relationship. The lender will have to source the gift funds from the gift donor. Usually this is done by getting a bank statement from the gift donor showing the money transfered to the borrower. If you can do that you should be OK
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