🚨 New FHA Gift Rule 🚨 #mortgageloanofficer #firsttimehomebuyer #homeloans #homebuyer

New FHA gift rules. So it always used to be on FHA loan if you were getting gift funds you had to get a copy of the check or the wire transfer receipt a gift letter signed and filled out and you had to get the gifter's base statement to show where their money came from and that was the step that always got the pushback. In most cases it was kind of overkill. So now FHA has removed that final step. We no longer need the gifters bank statement. They can just send the funds and we don't get too invasive with it. They're treating it more like conventional gift rules which is a huge win for people doing FHA financing. And like anything McGowan mortgages will always be the first to implement these new rules. Most of the rest of the lending industry is going to go live with this on August 19th. We're going live with it right away today. So reach out to McAllen Mortgages and take advantage of the new FHA gift rule.