Explore the Mortgage101 Library
Check Local Mortgage Rates
Today's Average
4.88%
Calculators
FEATURED CALCULATORLoan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
TERMINOLOGY
The down payment for an FHA mortgage can be 100% gift funds. This is one of the key benefits to the FHA program.
Verification of the source of gift money is not required. However, it is necessary that the gift funds be deposited in the borrower's bank or savings account, or in an escrow account, prior to underwriting approval. Proof of deposit is required.
Gift donors are restricted primarily to a relative of the borrower. They can also be certain organizations, such as a labor union or charitable organization. Contact your local branch for complete information.
More Articles...
The Best Time to Buy Mortgage Points
Tax Break Criteria for Mortgage Points
- Should You Pay Off Your Mortgage Early?
- ARM Home Loan Types to Consider
- What to Expect During a Mortgage Reinstatement Period
- Option ARM Loan Pros and Cons
- Apply for Home Equity Loan Consolidation
- What Happens When FHA Reverse Mortgages End
- Can Bankruptcy Stop Foreclosure?
- Refinance a Mortgage: FHA Home Loan Pros and Cons
- Don't Lie on a Stated Income Loan Application