Gift Funds An outright gift of the cash investment is acceptable if the donor meets any of the following criteria: ·
Relative of the borrower ·
Customers’ employer ·
Charitable organization ·
Government agency or public entity that has a program to provide homeownership assistance to low and moderate income families or first-time home buyers ·
Close friend who has a clearly defined interest in the customer Credit Score FHA does not use credit scores as a basis for underwriting decisions. FHA does consider a high credit score to be a compensating factor. Previous Mortgage Foreclosure A borrower is not eligible if they had a foreclosure within the previous 3 years Bankruptcy
A bankruptcy (Chapter 7) will not disqualify the borrower if: · 2 years have passed since the bankruptcy was discharged · The borrower has re-established good credit
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