Purchase or refinance in Georgia with our trusted mortgage solutions.

News Details

Receiving Gifts Funds Made Easy

May 20, 2024

Did you know that we do not require proof of donor ability when a gift is given? That’s right! Fannie Mae and Freddie Mac have specific requirements when a borrower receives a gift from an acceptable donor, including a gift letter stating that the gift does not have to be paid back, proof of the source of the gift, and documentation of the transfer of funds.

However, FHA takes it a step further by requiring the donor to provide a bank statement at the time the gift was given, with any deposits sourced or explained. While FHA does not specify a 30-day documentation period, it is recommended for loan scalability.

At GeorgiaMortgage.com, we make the gift process easy and hassle-free for our borrowers. Contact us today to learn more about our gift policies and how we can help you achieve your homeownership dreams.