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Updated over 1 year ago,
Gift fund usage question
If I receive gift funds (call it $25,000) that I use to qualify for an FHA loan, of which I purchase a primary residence with, but those same funds are NOT used in the actual property and just continue to sit in reserve, is there any issue in the eyes of the lender, bank, FHA, IRS, etc, if the gift funds are given back to the original giver after the property has already been purchased with the loan that that money allowed me to qualify for, and exchanged Title?