Did You know that conventional and government Agencies differ on who can provide a gift?
Conventional lenders allow the following to be an acceptable gift donor:
Related person:
- Borrower’s spouse, child or dependent
- Guardian of the Borrower
- A person for whom the Borrower is a guardian for
- Fiancee
- Borrower’s domestic partner
- An individual related to the Borrower by blood, marriage or adoption
FHA:
A family member ONLY as defined below:
- Child, parent, or grandparent
- Son, stepson, daughter, or stepdaughter
- Parent, grandparent, also step-parent/grandparent or foster parents/grandparents
- Spouse ( NOT fiancée), domestic partner
- Legally adopted son or daughter
- Foster child
- Brother, sister, stepbrother/sister
- Uncle, aunt
- In-laws of the Borrower; ie: son-in-law, etc
USDA:
ANYONE who is NOT part of the Borrower’s household
If you need more explanation on who can be a gift donor, contact our office and we’ll connect you to a loan consultant who can provide the proper answers to your questions.
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