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Updated almost 6 years ago on . Most recent reply
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Who is considered a "Friend" for down payment Gift FHA
Hello.
I know to received a down payment gift for an FHA loan, it has to be from:
- Your relative
- Your employer or labor union
- A close friend with a "clearly defined and documented interest in the borrower"
- A charitable organization
Supposedly.
Now - I'm trying to get a gift right now for a down payment. However, it looks like my relatives are a no go.
So - what exactly does "A close friend with a 'clearly defined and documented interest in the borrower'" mean?
I tried to look into it a bit myself and it seems that a fiance (or girlfriend?) would be considered this.
And possibly a letter from a old friend along with a picture of the two of us?
It's really unclear on what this is. The only thing I heard for sure is a fiance.
Has anyone gotten a gift from a friend that's not a fiance? What needs to be proven and how is this proven?
Thanks in advance!