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Old 01-30-2010, 01:19 AM
 
2 posts, read 9,806 times
Reputation: 10

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So my girlfriend and I are buying a new home and her parents are gifting us 6k to go towards our down payment. My girlfriend just switched jobs this month and because of that, the lender wont allow her to be on the loan. My lender informed me that because she is not on the loan, her parents cannot gift us the funds. I googled this guideline and I have found that as long as the person gifting you the funds is a close friend it is okay. My girlfriend is also going to be on the title just not on the loan. Does anyone have any help for me? Do you know where I can get a copy of FHA's official guidelines?

Thanks.
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Old 01-30-2010, 08:48 AM
 
Location: Salt Lake City UT
61 posts, read 305,179 times
Reputation: 26
Depends on how long you have known her parents and if you have had a relationship with them unrelated to the desire to purchase the home.

"Gifts can come form a 'close friend with a clearly defined and documented interest in the borrower'"
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Old 01-30-2010, 08:13 PM
 
2 posts, read 9,806 times
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I have been with her for four years.
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Old 02-01-2010, 10:31 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,004,653 times
Reputation: 2200
Quote:
Originally Posted by SylumSteve View Post
I have been with her for four years.
Yes, but are you close friends with her parents? They are the ones supplying the gift for your loan. If you girlfriend was applying for the loan too, then obviously this would not be an issue.
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Old 02-01-2010, 10:58 AM
 
Location: I'm gettin' there
2,666 posts, read 6,976,336 times
Reputation: 831
Worst case scenario, make it look like it came from your parents/relative. Have your girlfriend's parents give the money to your parents/relative, and they in turn gift you that.
That's not illegal right ? I'm just trying to look at the path of least resistance.
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Old 02-01-2010, 11:26 AM
 
Location: Plano, Texas
1,675 posts, read 6,798,097 times
Reputation: 697
Quote:
Originally Posted by zulu400 View Post
Worst case scenario, make it look like it came from your parents/relative. Have your girlfriend's parents give the money to your parents/relative, and they in turn gift you that.
That's not illegal right ? I'm just trying to look at the path of least resistance.

I know you probably didnt mean to suggest fraud, but that is exactly what you suggested.

Whomever is giving the gift must provide statements showing where the money came from. If the posters parents show their bank statement and their is a large deposit, the lender will ask where the money came from. They must have a good explanation one of which cannot be the girlfriends parents gifted us money which we gifted to son.
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Old 02-01-2010, 02:42 PM
 
Location: I'm gettin' there
2,666 posts, read 6,976,336 times
Reputation: 831
Quote:
Originally Posted by VictorBurek View Post
I know you probably didnt mean to suggest fraud, but that is exactly what you suggested.

Whomever is giving the gift must provide statements showing where the money came from. If the posters parents show their bank statement and their is a large deposit, the lender will ask where the money came from. They must have a good explanation one of which cannot be the girlfriends parents gifted us money which we gifted to son.
Oh ok Victor, so thats definitely not an option, I mean.... I sure cannot do it now since I have already mentioned my intentions in public !! just kidding.

To the OP... consult an attorney if its financially possible because there might be a way. There is always a legal loophole.
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Old 02-01-2010, 03:19 PM
 
Location: Plano, Texas
1,675 posts, read 6,798,097 times
Reputation: 697
Quote:
Originally Posted by zulu400 View Post
Oh ok Victor, so thats definitely not an option, I mean.... I sure cannot do it now since I have already mentioned my intentions in public !! just kidding.

To the OP... consult an attorney if its financially possible because there might be a way. There is always a legal loophole.

I was hoping i didnt offend you with that comment.
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Old 02-02-2010, 07:56 AM
 
Location: I'm gettin' there
2,666 posts, read 6,976,336 times
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Quote:
Originally Posted by VictorBurek View Post
I was hoping i didnt offend you with that comment.
You definitely did not Victor, sorry for giving you the impression that you did.
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Old 02-03-2010, 08:30 AM
 
5,220 posts, read 13,326,797 times
Reputation: 4397
Why can't your girlfriend be on the loan because she switched jobs?? That should not disqualify her.
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