Real estate investor

[Greta Andrews]

Hello, I am trying to find a triplex in my home city. I need approximately 15,000 additional for a down payment. My question is when you borrow from a hard money lender, can it be sent as if it was a gift. I'm working with an FHA 203k renovation loan. And as you know FHA only allows gifts for your down payment and closing costs. Any other suggestions?

[Andrew Garcia]

Hi @Greta Andrews, are you saying that you are borrowing the down payment from a HML?

If so, it cannot be sent as a gift.

In order to not raise any red flags in underwriting, you would need to have the money in the account for two bank statements.

Hope this helps! Let me know if I can be of any assistance.