Kentucky First Time Home Buyer Programs For Home Mortgage Loans

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Gift Funds & Gift of Equity for Kentucky FHA Mortg... :  Kentucky FHA Gift of Equity and Gift Funds for Down Payment Requirements Gifts may be provided by: •  Borrower's family member*; •  the...  Kentucky FHA Gift of Equity and Gift Funds for Down Payment Requirements

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.

Clarification of FHA Definition of "Family Member" In all instances where FHA uses the term "Family Member", it is defined as any of the following:   Child: defined as any son, stepson, daughter, stepdaughter, or foster child Parent: including step-parents and foster parents Grandparent: including step-grandparents and foster grandparents Sibling: defined as any brother, stepbrother, sister, or stepsister Uncle Aunt Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption Spouse or domestic partner In-Laws: defined as any son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law of the borrower Earnest Money  Old Rule – Document source of earnest money if the amount exceeds 2% of the sales price New Rule – Document source of earnest money if the amount exceeds 1% of the sales price CAIVRS  Old Rule – defaulted federal debt makes ...