Posted on: 08th Feb, 2010 10:39 am
where can i fnd clear information regarding the fact that a gift of equity can be used/given to a fiance? I'm being told by my loan consultant that it can't be used because we are not related.
Your loan consultant is wrong. FHA clearly states that a give can come from a close friend with a clearly defined and documented interest in the borrower.
I'm dealing with the wrong bank, that's for sure, the consultant is telling me my fiance can gift me the money, but we can't use a gift of equity!!! This was his response to me:
If you look closely at what he stated he is saying it can come from a Gift and but not Gift of Equity, there is a difference.
If you look closely at what he stated he is saying it can come from a Gift and but not Gift of Equity, there is a difference.
Yes. Move on and find someone you feel comfortable with.