"I believe strongly that your loan buy is incorrect on the gift issue."
No, I don't think he is - read section 2113 of the Housing and Economic Recovery Act. The down payment must be in cash or funds BORROWED - not gifted - from family. It has to be a lien against the property. All other sources of funds for down payment are excluded. This is also ending the "seller-funded down payment assistance" programs that have sprung up in the past year or so, where the money was being channeled through a 501(c)(3) corporation.
Here's a link to the text of the relevant section of the Act:
http://tinyurl.com/5pfnm4
|
