What can you tell me about a gift of equity loan?

Answer by  Jodie (551)

FHA financing is the only type that allows for gifts. You will need to disclose to your lender that it is a gift, not a loan. There may be other restrictions that you need to go over before you decide to do this. The gift also needs to be from a family member.

Answer by  mhir (33)

In the purchase of a house,a relative or family members may subject to certain conditions and requirement make a Gift of Equity Loan on the downpayment.