Okay, this hangout is now live. This is Mike Dura, the Kingwood Mortgage Guy. I operate in the northeast part of Houston, Texas, but I'm licensed to do loans all over the state of Texas. The purpose of this particular hangout is to explain in detail what the rules are for using gifts when you're buying a home, particularly for first-time homebuyers. But even more importantly, it is for the gift donors, who are mostly the parents, grandparents, uncles, sisters, and brothers. Anyone willing to give their family member a gift. We'll go through a couple points about whether it necessarily has to be a family member. Well, maybe not. There are some options, but I would say that ninety-five percent of the time, the gift is usually given by a family member. Okay, so let's see if I can figure out how to show my screen. I think I've got it here. Okay, so I give funds, making sure the process for making the gift funds is done properly. That's the premise of it. And again, my name is Mike Dura. I want to make sure that you understand that I am licensed by the state of Texas and the NMLS, which is the governing body for mortgage entities. I work for Nations Reliable Lending, and we are an equal housing opportunity company. And of course, I want to make sure you write down my phone number. That's a big deal. So, here's what the deal is. Who can give you a gift? Family members. It's easy to verify parents, siblings, uncles, aunts, grandparents. If you're getting married, your fiancé can give you a gift. That happens a lot. A close friend, this is a little bit of a hassle because you have to prove that the person has been a...
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Gift Letter fha Form: What You Should Know
When to Use Gift Letters For Your Mortgage For loans other than FHA loans, it may be reasonable to consider using gift letters as early as March. However, before you hand over your gift money, you will want to: Ask your lender about the FHA guidelines Discuss any restrictions with your lender Be sure to keep a record of this event. If you cannot do that, you should definitely get legal advice. Gift Letter Definitions Mortgage or Mortgage Loan A mortgage is the borrowing of a home by the person who has the most equity in the home. A mortgage is also referred to as a home loan. The first mortgage on a home is usually a fixed interest rate loan from a bank. Most mortgage loans are secured (owned) by first mortgages, but in today's world, the mortgage company also receives mortgage insurance against default. Mortgage loan The mortgage loan consists of a line of credit that is secured by a mortgage. When you borrow money through the line of credit to pay your mortgage, you own the home until it is paid off, or you are in default. To protect you if you are in default, most lenders require that you go to a mortgage broker who sells you the highest interest rate home loan available. Home Mortgage A home mortgage is a loan in which the lender does not get the mortgage insurance, usually under the Federal Housing Administration (FHA). In these loans the interest rate is typically much lower than that of a conventional mortgage. They are commonly obtained in the form of a certificate of deposit (CD) which can then be redeemed at any time to pay the remainder of the mortgage or for home equity loans like an adjustable rate home loan. FHA The Federal Housing Administration loan program is intended to reduce the risk that FHA home loans will go bad. The program makes loans to people either who do not have much equity in their homes or who have experienced significant personal losses. Because of the program's limited scope, interest rates must be high to make this possible. GIFT LETTER FOR FHA PURCHASE If you do not want to use a mortgage as the first mortgage, you could use a line of credit to make the mortgage loan. A line of credit allows you to take money from one place and spend it somewhere else. Since you own the money you already have on this line of credit, you can choose to keep more or less of your investment each month.
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