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FHA gifting of funds

Posted on: 29th Mar, 2010 07:46 pm
My son is attempting to purchase house for $120k but due to his income/debt ratios, only qualifies for $100k. He was told that he would need a cosigner. In lieu of cosigning, could I gift him the $20k from my savings account?
Hi dendsley,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/predeal/about36801.html#157565

Have a look at the page. I hope it will help you.

Take care.
Posted on: 30th Mar, 2010 03:18 am
Yes, you can gift him the 20K. You will be required to fill out a gift affidavit, show the $ withdrawed from your account and deposited into his account. .
Posted on: 30th Mar, 2010 05:17 am
Thanks.
Posted on: 30th Mar, 2010 05:25 am
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