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Updated almost 2 years ago,

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5
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William Freeman
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5
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Can money be gifted as down payment when using FHA?

William Freeman
Posted

My parents are looking at partnering with me and my wife on a triplex. I am going to be living in one of the units to be able to qualify for an FHA loan. My parents want to be able to gift me the money for the down payment and then be 50/50 partners on the deal. How have others structured similar partnerships? Is there anything to avoid or to be sure to do when having money gifted as down payment? I know there have been BP episodes about this tagging the links to them would be helpful too. Thank you in advance. Any advice is appreciated.

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