Employer Gift for Down Payment – FHA Mortgage Loan
‘Employer Assistance’ refers to benefits provided by an employer to relocate a borrower or assist in the borrower’s home purchase, including down payment, closing costs and Up Front Mortgage Insurance Premium(UFMIP). A salary advace or loan cannot be used.
The amount of the gift does not matter. The lender will simply add this amount to the borrower’s available funds to be allocated at closing.
This can be a one-time bonus for an employee. It can also be defined as relocation help from the employer.
Some documentation will be required. Tell your Loan Officer at time of application as it does affect their paperwork internally. It is still the same FHA Mortgage Loan, but we need to know up front so we know where we will sell the loan.
If you have questions about whether you qualify for an FHA Loan…. Or just want to chat about home loan qualifying.
Call The LouisiaLoanGuy, Tom Burris today!!