Can I borrow the downpayment for my fha loan?

Everybody on here is too quick to say no and they're missing some guidelines...it's a "YES, BUT..." The circumstances under which you can borrow funds for your down payment are:1 - A loan from a 401k (please consult your plan administrator for the terms)2 - A loan against another asset documented by a financial institution (if you've paid off your car, etc.and take out a new loan with it as collateral.)3 - A loan from an immediate family member, typically a parent, sibling or grandparent...cousins are not acceptable, etc. (This is stated in the FHA 4155 Handbook) that states the terms of the loan and you must qualify with that new payment. You do not have to qualify with the payments if the terms of the loan state you do not have to make payments or expected to repay the loan for at least 60 months.HERE IS THE BUT...lenders/underwriters can add overlays to FHA guidelines and choose not to allow this at their own discretion; this is obviously a little known approach and many underwriters don't know about it, much like loan officers. I've done three of these in the past myself and brokered 2 of those to a particularly large and conservative bank. HONESTLY, it is easier to handle family funds as a "gift," but sometimes the family member won't agree to "gift" it.4 - Funds that are 61+ days old technically do not have to be "sourced or seasoned," so if you can wait, you can obtain those funds any way you want....BUT, if a large deposit older than that appears on your requested asset/bank statement, it is at the underwriter's discretion to require documentation of it's source, and if it is "borrowed," they can opt to say it is unacceptable funds. TYPICALLY, you'll want to borrow funds 90 days or more in advance of your home purchase...if you go this route.5- IRA funds can be withdrawn for the purpose of a first home purchase up to $10,000 and you no early withdrawal tax penalty will be imposed, if you qualify for the exception properly. You can technically "borrow" those funds for up to 60 days and put them back in your account without any tax consequences. (Consult your tax advisor...but I am one, so I know it's right)6- You can take advantage of a Utah Housing Loan (I believe someone referred to it already) as a loan option that will lend you your down payment as a second mortgage simultaneous with their Utah Housing/FHA first mortgage. I have my own personal thoughts about these loans as a financial tool in our current lending environment that I won't share here...suffice it to say, this should not be your first choice, even if you do meet the requirements to qualify for this loan.7- There are government (city/county) grant programs that are allowed for first time homebuyers, as well, if you qualify. These are technically "forgiven and 0%/0 payment" loans. You will be typically required to reside in the home for between 5 and 15 years before you are no longer obligated to repay this grant.I know that's a long answer to your short question, but I would say that's enough reason to say "YOU CAN BORROW YOUR DOWN PAYMENT ON AN FHA LOAN." Every "yes" has a "but" in this world, so make sure you find out the details of each of these before you proceed with any one of them. I'm here in Salt Lake and happy to discuss any of these with you in more depth, if you'd like. You can email me at brett@homeloansinutah.com.Best of Luck to You!

NO.. you cannot borrow the down payment.. for this very reason is why underwrites scrutinize every detail of your assets and bank accounts. Any deposits over $500 will have to be verified.. Now if you have a 401K, you can "Borrow" against that, but it's really not a loan since its your own money, but that's the only exception.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

That depends on what you mean about borrowing? You really need to know all your options to decide what works best for you. I have been helping Utah homeowners here in Utah since 1995. Call me at 801-599-8526 or visit my web site at: http://freemortgageapproval.com/

Hello,The down payment may not be borrowed but it may be gifted from a family member or employer. If you would like more information please call me at 435-313-7400. I will also give you a free credit analysis.Thank you,Lisa SchaerrerSuperior Lending Assoc.

Yes! You can borrower your down payment on an FHA loan. The loan has to be secured and you will have to qualify with the monthly payment included. For example. You own a car free and clear. The car is worth $10,000.00. You get a loan using the car as security for $6,000.00. Your payment on $6,000.00 is $189.00/month. You now have $6,000.00 for down payment and you must count the payment into your Debt to Income ratio. You cannot borrow on a credit card or other unsecured funds. Call me at (801) 983-8201 and ask for Ed Nielson.

No.

Yes and No. Yes, If you own the asset like a car you can take a loan against it so long as you have owned it for at least 60 days. This requires a Thorough paper trail.With all this being said, here in Utah we can do 100% financing on a home so take advantage of it while it's here. I talk about it every week on my radio show so Call me on my cell at 801-971-6901 or just go to my website and apply at www.UtahLendingPro.com

No, you cannot borrower the funds for your down payment on an FHA loan - underwriters will look to see that the fund do not need to be paid back. You can receive the funds in the form of a gift.

Yes, if you have an asset that you can use as security then those funds can be used for the down payment. You will need to provide evidence as to how much the payment is and qualify with that payments well as all other debt. Gifts are acceptable as long as the donor signs a gift letter stating its not a loan and will not be required to be repaid. Be prepared as William mentions to create a paper trail on any deposit over $500 and some cases less than that.

No, you cannot borrow in the traditional sense for your down payment. However, there are a couple of options if you don't have the money saved. You can borrow from your 401k; but this is really just a loan from yourself. Another option is getting gift funds from a friend or family member; this is NOT a loan, they must state that they do not expect to have the money re payed.

No you cannot borrow the funds for your downpayment - but with an FHA loan you can get a "gift" for the down from a relative or someone close to you. Give me a call. I am located in Salt Lake City. Linda 801.550.1222

You see yes and no answers below. The answer is YES. Call a knowledgeable Lender 411 professional in your area.

Simone - I'll give you one guess to answer your own question. Go ahead - give it a try......................Andrew

Everybody on here is too quick to say no and they're missing some guidelines...it's a "YES, BUT..." The circumstances under which you can borrow funds for your down payment are:1 - A loan from a 401k (please consult your plan administrator for the terms)2 - A loan against another asset documented by a financial institution (if you've paid off your car, etc.and take out a new loan with it as collateral.)3 - A loan from an immediate family member, typically a parent, sibling or grandparent...cousins are not acceptable, etc. (This is stated in the FHA 4155 Handbook) that states the terms of the loan and you must qualify with that new payment. You do not have to qualify with the payments if the terms of the loan state you do not have to make payments or expected to repay the loan for at least 60 months.HERE IS THE BUT...lenders/underwriters can add overlays to FHA guidelines and choose not to allow this at their own discretion; this is obviously a little known approach and many underwriters don't know about it, much like loan officers. I've done three of these in the past myself and brokered 2 of those to a particularly large and conservative bank. HONESTLY, it is easier to handle family funds as a "gift," but sometimes the family member won't agree to "gift" it.4 - Funds that are 61+ days old technically do not have to be "sourced or seasoned," so if you can wait, you can obtain those funds any way you want....BUT, if a large deposit older than that appears on your requested asset/bank statement, it is at the underwriter's discretion to require documentation of it's source, and if it is "borrowed," they can opt to say it is unacceptable funds. TYPICALLY, you'll want to borrow funds 90 days or more in advance of your home purchase...if you go this route.5- IRA funds can be withdrawn for the purpose of a first home purchase up to $10,000 and you no early withdrawal tax penalty will be imposed, if you qualify for the exception properly. You can technically "borrow" those funds for up to 60 days and put them back in your account without any tax consequences. (Consult your tax advisor...but I am one, so I know it's right)6- You can take advantage of a Utah Housing Loan (I believe someone referred to it already) as a loan option that will lend you your down payment as a second mortgage simultaneous with their Utah Housing/FHA first mortgage. I have my own personal thoughts about these loans as a financial tool in our current lending environment that I won't share here...suffice it to say, this should not be your first choice, even if you do meet the requirements to qualify for this loan.7- There are government (city/county) grant programs that are allowed for first time homebuyers, as well, if you qualify. These are technically "forgiven and 0%/0 payment" loans. You will be typically required to reside in the home for between 5 and 15 years before you are no longer obligated to repay this grant.I know that's a long answer to your short question, but I would say that's enough reason to say "YOU CAN BORROW YOUR DOWN PAYMENT ON AN FHA LOAN." Every "yes" has a "but" in this world, so make sure you find out the details of each of these before you proceed with any one of them. I'm here in Salt Lake and happy to discuss any of these with you in more depth, if you'd like. You can email me at brett@homeloansinutah.com.Best of Luck to You!

Everybody on here is too quick to say no and they're missing some guidelines...it's a "YES, BUT..." The circumstances under which you can borrow funds for your down payment are:1 - A loan from a 401k (please consult your plan administrator for the terms)2 - A loan against another asset documented by a financial institution (if you've paid off your car, etc.and take out a new loan with it as collateral.)3 - A loan from an immediate family member, typically a parent, sibling or grandparent...cousins are not acceptable, etc. (This is stated in the FHA 4155 Handbook) that states the terms of the loan and you must qualify with that new payment. You do not have to qualify with the payments if the terms of the loan state you do not have to make payments or expected to repay the loan for at least 60 months.HERE IS THE BUT...lenders/underwriters can add overlays to FHA guidelines and choose not to allow this at their own discretion; this is obviously a little known approach and many underwriters don't know about it, much like loan officers. I've done three of these in the past myself and brokered 2 of those to a particularly large and conservative bank. HONESTLY, it is easier to handle family funds as a "gift," but sometimes the family member won't agree to "gift" it.4 - Funds that are 61+ days old technically do not have to be "sourced or seasoned," so if you can wait, you can obtain those funds any way you want....BUT, if a large deposit older than that appears on your requested asset/bank statement, it is at the underwriter's discretion to require documentation of it's source, and if it is "borrowed," they can opt to say it is unacceptable funds. TYPICALLY, you'll want to borrow funds 90 days or more in advance of your home purchase...if you go this route.5- IRA funds can be withdrawn for the purpose of a first home purchase up to $10,000 and you no early withdrawal tax penalty will be imposed, if you qualify for the exception properly. You can technically "borrow" those funds for up to 60 days and put them back in your account without any tax consequences. (Consult your tax advisor...but I am one, so I know it's right)6- You can take advantage of a Utah Housing Loan (I believe someone referred to it already) as a loan option that will lend you your down payment as a second mortgage simultaneous with their Utah Housing/FHA first mortgage. I have my own personal thoughts about these loans as a financial tool in our current lending environment that I won't share here...suffice it to say, this should not be your first choice, even if you do meet the requirements to qualify for this loan.7- There are government (city/county) grant programs that are allowed for first time homebuyers, as well, if you qualify. These are technically "forgiven and 0%/0 payment" loans. You will be typically required to reside in the home for between 5 and 15 years before you are no longer obligated to repay this grant.I know that's a long answer to your short question, but I would say that's enough reason to say "YOU CAN BORROW YOUR DOWN PAYMENT ON AN FHA LOAN." Every "yes" has a "but" in this world, so make sure you find out the details of each of these before you proceed with any one of them. I'm here in Salt Lake and happy to discuss any of these with you in more depth, if you'd like. You can email me at brett@homeloansinutah.com.Best of Luck to You!

Everybody on here is too quick to say no and they're missing some guidelines...it's a "YES, BUT..." The circumstances under which you can borrow funds for your down payment are:1 - A loan from a 401k (please consult your plan administrator for the terms)2 - A loan against another asset documented by a financial institution (if you've paid off your car, etc.and take out a new loan with it as collateral.)3 - A loan from an immediate family member, typically a parent, sibling or grandparent...cousins are not acceptable, etc. (This is stated in the FHA 4155 Handbook) that states the terms of the loan and you must qualify with that new payment. You do not have to qualify with the payments if the terms of the loan state you do not have to make payments or expected to repay the loan for at least 60 months.HERE IS THE BUT...lenders/underwriters can add overlays to FHA guidelines and choose not to allow this at their own discretion; this is obviously a little known approach and many underwriters don't know about it, much like loan officers. I've done three of these in the past myself and brokered 2 of those to a particularly large and conservative bank. HONESTLY, it is easier to handle family funds as a "gift," but sometimes the family member won't agree to "gift" it.4 - Funds that are 61+ days old technically do not have to be "sourced or seasoned," so if you can wait, you can obtain those funds any way you want....BUT, if a large deposit older than that appears on your requested asset/bank statement, it is at the underwriter's discretion to require documentation of it's source, and if it is "borrowed," they can opt to say it is unacceptable funds. TYPICALLY, you'll want to borrow funds 90 days or more in advance of your home purchase...if you go this route.5- IRA funds can be withdrawn for the purpose of a first home purchase up to $10,000 and you no early withdrawal tax penalty will be imposed, if you qualify for the exception properly. You can technically "borrow" those funds for up to 60 days and put them back in your account without any tax consequences. (Consult your tax advisor...but I am one, so I know it's right)6- You can take advantage of a Utah Housing Loan (I believe someone referred to it already) as a loan option that will lend you your down payment as a second mortgage simultaneous with their Utah Housing/FHA first mortgage. I have my own personal thoughts about these loans as a financial tool in our current lending environment that I won't share here...suffice it to say, this should not be your first choice, even if you do meet the requirements to qualify for this loan.7- There are government (city/county) grant programs that are allowed for first time homebuyers, as well, if you qualify. These are technically "forgiven and 0%/0 payment" loans. You will be typically required to reside in the home for between 5 and 15 years before you are no longer obligated to repay this grant.I know that's a long answer to your short question, but I would say that's enough reason to say "YOU CAN BORROW YOUR DOWN PAYMENT ON AN FHA LOAN." Every "yes" has a "but" in this world, so make sure you find out the details of each of these before you proceed with any one of them. I'm here in Salt Lake and happy to discuss any of these with you in more depth, if you'd like. You can email me at brett@homeloansinutah.com.Best of Luck to You!

Everybody on here is too quick to say no and they're missing some guidelines...it's a "YES, BUT..." The circumstances under which you can borrow funds for your down payment are:1 - A loan from a 401k (please consult your plan administrator for the terms)2 - A loan against another asset documented by a financial institution (if you've paid off your car, etc.and take out a new loan with it as collateral.)3 - A loan from an immediate family member, typically a parent, sibling or grandparent...cousins are not acceptable, etc. (This is stated in the FHA 4155 Handbook) that states the terms of the loan and you must qualify with that new payment. You do not have to qualify with the payments if the terms of the loan state you do not have to make payments or expected to repay the loan for at least 60 months.HERE IS THE BUT...lenders/underwriters can add overlays to FHA guidelines and choose not to allow this at their own discretion; this is obviously a little known approach and many underwriters don't know about it, much like loan officers. I've done three of these in the past myself and brokered 2 of those to a particularly large and conservative bank. HONESTLY, it is easier to handle family funds as a "gift," but sometimes the family member won't agree to "gift" it.4 - Funds that are 61+ days old technically do not have to be "sourced or seasoned," so if you can wait, you can obtain those funds any way you want....BUT, if a large deposit older than that appears on your requested asset/bank statement, it is at the underwriter's discretion to require documentation of it's source, and if it is "borrowed," they can opt to say it is unacceptable funds. TYPICALLY, you'll want to borrow funds 90 days or more in advance of your home purchase...if you go this route.5- IRA funds can be withdrawn for the purpose of a first home purchase up to $10,000 and you no early withdrawal tax penalty will be imposed, if you qualify for the exception properly. You can technically "borrow" those funds for up to 60 days and put them back in your account without any tax consequences. (Consult your tax advisor...but I am one, so I know it's right)6- You can take advantage of a Utah Housing Loan (I believe someone referred to it already) as a loan option that will lend you your down payment as a second mortgage simultaneous with their Utah Housing/FHA first mortgage. I have my own personal thoughts about these loans as a financial tool in our current lending environment that I won't share here...suffice it to say, this should not be your first choice, even if you do meet the requirements to qualify for this loan.7- There are government (city/county) grant programs that are allowed for first time homebuyers, as well, if you qualify. These are technically "forgiven and 0%/0 payment" loans. You will be typically required to reside in the home for between 5 and 15 years before you are no longer obligated to repay this grant.I know that's a long answer to your short question, but I would say that's enough reason to say "YOU CAN BORROW YOUR DOWN PAYMENT ON AN FHA LOAN." Every "yes" has a "but" in this world, so make sure you find out the details of each of these before you proceed with any one of them. I'm here in Salt Lake and happy to discuss any of these with you in more depth, if you'd like. You can email me at brett@homeloansinutah.com.Best of Luck to You!

Yes and no... The answer depends on how the money is borrowed, and from what source. You can borrow money from your 401k for example, but you can not borrow money from a friend. You can also get a "gift" from a blood relative. Secured borrowed funds - say you took a loan out against a car, also works. A previous post describes a beat the system approach. Lenders will require your two most recent bank statements. If you "borrowed" money and put it in your account more than two month previous, lenders would never know. While this works, it is clearly frowned upon. The idea being that if it is "borrowed", how would that repayment effect your debt ratio. Lenders will deny the loan if work around is discovered.

Hey, if you were in Indiana, I would be able to say a direct "Yes" to you. With no Buts about it. . . we have a 100% FHA program out there for people with good credit history yet no down payment in the bank. I bet you've found something by now, but I wanted to be sure I've at least answered you. Best of luck to you!

NO.. you cannot borrow the down payment.. for this very reason is why underwrites scrutinize every detail of your assets and bank accounts. Any deposits over $500 will have to be verified.. Now if you have a 401K, you can "Borrow" against that, but it's really not a loan since its your own money, but that's the only exception.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes, you can borrow your down payment. You can borrower from a 401k, borrower against something that a bank or credit union will securitize as collateral such as clear title to an RV or automobile or borrow from a family member. The key is that you qualify for the loan with the new debt. Another way that you can "borrow" your down payment is with a Utah Housing Loan, assuming you income and credit qualify, there are restrictions based on how much your total household income is as well as the purchase price of the home. Also depending on where you are wanting to live I have access to grant programs that could potentially cover your down payment. Those who say NO need to think outside the box a little bit. I, Casey Persinger, "The Low Price Lender" can be reached at 801-682-LOAN (5626) if you have any further questions.

YES is the answer to your question but only if you are borrowing from a 401k, borrowing against something a bank or credit union can use as collateral such as clear title to an auto or RV or borrow from a relative. You will need to supply the terms and conditions of the borrowed money and be able to qualify for the mortgage with this additional debt. Also another way to borrow your down payment is with a Utah Housing loan assuming you income and credit qualify for one of these loans. Another avenue I could help you explore is that depending on where you are wanting to live I have access to grant monies that could help with the entire down payment. Call, Casey Persinger "The Low Price Lender" at 801-682-LOAN (5626) for more answers to your lending questions.

no

Sure. You can borrow it form your retirement accounts if you have them. Or you can apply for a grant, or assistance from some state programs.First Time HomebuyersSalt Lake City has an inventory of homes available for purchase with interest rates as low as 3% and downpayments of $500.You may qualify for an interest rate as low as 3.00% fixed for 30 years if you have steady employment, have not taken out bankruptcy in the past two years, you have $500.00 for closing costs and your household income does not exceed the 80% of median ($56,000.00 for a household of four, subject to change without notice). See Application and Information form below. Se habla Espanol. See FAQ's.For more information, please call our office at (801) 535-7228 or email, or download an application and mail it along with a check or money order for $50.00 ($25.00 if no co-applicant) to: Salt Lake City Corporation Housing Division, PO Box 145487, Salt Lake City, UT 84114-5487

Yes, with restrictions..

yes you may just how your funds would be documentated when being underwritten. Our FHA loans start from 580 fico to perfect credit. 580 fico having couple stricter guidelines that's all. Any questions, call Mike 703 505 5300...Lending Nationwide... NMLS 754875 mconvin@banchomeloans.com

As stated there are conditions under which you can borrow funds to close, yes. One that was missed though--- there are more options to borrow funds for an FHA loan if you are over 60.... Bottom line is that the details must be gone over and tere is likely a way to make it work.... Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

You can borrow the down payment, in basic terms as long as you qualify with the monthly repayment amount counted against you and the loan is against a secured item like a car, you can not use unsecured debt.

You cant really borrow money obviously like the answers you heard, like a 401k example. You can however get a gift from a family member. There are also down payment assistance programs we use you might be able to take advantage of. Just contact me if you would like me to help you out with that.

Please update us, did you get a gift? Or did they accept your loan and get it closed?

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