I just funded my boyfriend 6000 dollars to buy our house. I will not be on the mortgage because of my credit

Asked by Dragonfly, Lilburn, GA Mon May 18, 2009

score. I now realize I have probably made a huge mistake. IT will be a FHA loan and from what I read they wont accept a gift from non family members. Is there anyway out of this? Can I be added onto his bank account? I would hate for this to hurt our chances.


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Tim Ambrose, Agent, Castro Valley, CA
Mon May 18, 2009

FHA loans only require 3.5% of the purchase price as down payment. In this market, it's not uncommon for the seller to pay closing cost. So why 6k I'm not sure. But that said, I suggest you have him add you to Title once the home close escrow. By doing so, he can't make a move without your involvement. Hope this helps.
1 vote
John Michele…, , 30019
Mon May 18, 2009
Hi Dragonfly!

Couple of questions: 1) have you made loan application yet? 2) do you have a home under contract?

If you don't have the home under contract yet, then wait to go under contract after June 1, 2009 and take advantage of the new $1,800 Georgia Tax credit that Governor Perdue signed into law last week.

Adding yourself to his bank account may work, but I still think the underwriter will question the 6K deposit and where it came from and will ask for a paper trail if they suspect it wasn't his money to begin with.

Have you asked your loan officer yet? He or she can probably give you the best advise. They are on your side trying to resolve any problems that arise. In addition, they are more familiar with RESPA laws. In today's mortgage climate, rules and guidelines are changing constantly.

Downpayment gifts may only come from a relative, employer, governmental institution and a "REAL" charity.

If your boyfriend has a family member that can gift the downpayment to him and then AFTER CLOSING, you guys can send a gift to that family member out of "gratitude for their charity to you". This way, it's a non-issue where the money came from because he is not using it for a down payment.

You could try to pull the money out of your boyfriend's account BEFORE CLOSING and give to a relative and then have that relative gift that amount to your boyfriend at closing (although taking the money out at this point may draw attention also).

I'm not sure either one of these suggestions will work because underwriters are scrutinizing everything. I mean really, as long as the money is not coming from the Seller, who cares who is giving you money for a down payment. Isn't this the same government that is giving first time homebuyers an $8,000 federal tax credit for buying a home after closing?

Good Luck!
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Dragonfly, Home Buyer, Lilburn, GA
Mon May 18, 2009
Im not worried about my involvement. Im just worried how to explain the 6000 to an underwriter when she looks at the bank statements. Any way to explain that? Would adding me to his bank account be able to explain why there is now 6000?
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