Tuesday, July 5, 2016

Getting a Gift for A Mortgage Loan Approval? Eligible Donor Gifts Comparison for a Kentucky FHA, Fannie Mae, VA, and USDA Mortgage loan Approvals

 Gift Comparison - Eligible Gift Donor vs. Ineligible Gift Donor

1. FHA Definition of a Family Member and USDA definition of a Relative is:
  • child, parent, or grandparent;
  • a child is defined as a son, stepson, daughter, or stepdaughter;
  • a parent or grandparent includes a step-parent/grandparent or foster parent/grandparent;
  • spouse or domestic partner;
  • legally adopted son or daughter, including a child who is placed with the Borrower by an authorized agency for legal adoption;
  • foster child;
  • brother, stepbrother;
  • sister, stepsister;
  • uncle;
  • aunt; or
  • son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the Borrower.

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Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency.