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Author: admin | Category: Car Loan Canada | Date: 01.02.2015

One thing you should know as a first time or repeat home buyer is that mortgage lenders allow financial gifts to be used toward the down payment on a house. If you are looking for a first time home buyer program, explore the possibility of receiving a downpayment gift. No matter what type of loan you will apply for, a gift from an eligible source can give you a leg up when qualifying for your first home mortgage. Conventional loans backed by Fannie Mae and Freddie Mac allow the borrower to apply financial gifts to the down payment, fees, and closing costs. The borrower usually does not need their own funds when receiving a gift if the gift covers the entire down payment and other loan costs. In years past, the borrower needed 5% of his or her own funds, but this is no longer the case for most transactions. To clarify, the borrower does not need any of his or her own funds when receiving a gift that covers the entire down payment and closing costs, unless the final loan amount is over $417,000.
You may be thinking that it’s pretty rare for someone to give away enough money to cover the entire down payment and closing costs. The minimum investment is the FHA’s way of making sure the homebuyer has “skin in the game” which lowers risk of foreclosure. Using gifts on USDA and VA loans is not as common, because these are both zero down programs.
US Department of Agriculture Rural Development (USDA RD) loans allow the use of gift funds to be used to cover any down payment required or closing costs not already covered by the seller. FHA expands the rules a bit, allowing an employer, charitable organization or government agency to contribute. Whether it be a conventional or FHA loan you are qualifying for, the most important thing lenders want to know is that it’s a legitimate gift. Nor can gifts come from anyone who would benefit from the sale of the home – the seller, agents, loan officer, etc.
For instance, FHA allows a maximum of 6% of the sales price in interested party contributions. The loan officer usually provides a template gift letter for the borrower to provide to the donor. Then the receiver will have to show proof of the gift money coming out and a receipt from escrow showing the funds were received.
Some steps can be cut out if the donor wires the gift money directly to the escrow company handling the transaction.
Likewise, if gift funds were received a long time ago, documenting it may not be necessary. Conventional loans allow for a gift type called a “gift of equity.” A gift of equity can be given when the seller of the home sells the property to a family member.
For this to work, the current owner must be an eligible donor as per conventional loan gift guidelines, and must own and have equity in a piece of property.
As an example, if your parents own a second home worth $100,000, they could sell the home to you and give you $20,000 in equity.
As far as the paper trail, the lender will accept the final settlement statement, also called the final HUD-1. The gift of equity may appear to fall within the definition of an interested party contribution, since it’s the seller who is giving the gift.
Although receiving and documenting financial gifts for down payment can be cumbersome, it can be well worth it.
Receiving a gift reduces the amount of savings needed to close the purchase transaction and also lowers the payment on the future mortgage. Tim Lucas is a mortgage writer with over 11 years of experience as a loan originator, processor, and team manager. Please contact our support if you are suspicious of any fraudulent activities or have any questions. Our ObamaCare calculator will help you calculate tax credits and subsidies for health insurance sold on the Health Insurance Marketplace. Cost assistance for individuals, families, and businesses is calculated automatically when you fill out an application on the Health Insurance Marketplace.
Use the tools below to find out if you qualify for Tax Credits for lower Premiums, Cost Sharing subsidies for reduced out-of-pocket costs, or Medicaid on your state’s Health Insurance Marketplace. You’ll need to understand the Federal Poverty Guidelines, commonly called Federal Poverty Level (FPL), to know what type of cost assistance you are eligible for in the upcoming year.
Cost assistance is initially based on your projected income for the upcoming year and is later adjusted for your actual MAGI income at the end of the year. All  non-exempt Americans can use the marketplace to see if they qualify for cost assistance. Cost assistance includes: Advanced Premium Tax Credits for those making between 100% and 400% FPL, Cost Sharing Reduction subsidies for those making between 100%-250% FPL, and Medicaid for those are making less than 138% FPL and living in states that expanded Medicaid.
As a rule of thumb, if you make less than $46,680 as an individual or $95,400 as a family of four, you make less than 400% FPL and will qualify for some sort of assistance.

If you have a plan from the previous year, it’s good practice to verify your plan and information before the next year starts. For small business owners who are looking for information on small business tax credits, please see our page on using the Small Business Health Options Program (SHOP). Check out our ObamaCare subsidies page for more information on tax credits, out-of-pocket subsidies, and Medicaid and CHIP. Use the subsidy calculator below to get an idea of what kind of cost assistance you are eligible for. Please note that the ObamaCare Cost Calculators use modified adjusted gross income and not total gross income or net income to figure out cost assistance and insurance cost estimates.
Also note that as little as a $1 difference in income can exclude you from receiving a subsidy. Learn more about how to buy health insurance for 2014-2015 or get more details on Health Insurance Marketplace subsidies. What if My Income Changes, Do I Have to Adjust Tax Credits or Cost Sharing Reduction Subsidies?
If your income changes, you may have to pay back Tax Credits, or as Tax Credits are refundable, you may be eligible for a bigger refund. You can use the guide below to learn more about calculating tax credits by hand, if you want a more detailed overview check out form 8962 the form used to claim and adjust premium tax credits. The amount of your health insurance tax credit is based on the premium for the second lowest cost “silver plan” in your state’s individual Health Insurance Marketplace (although you can apply Tax Credits to any marketplace plan and pay or save the adjusted amount).
Be aware that, to avoid getting too much or too little cost assistance, you’ll want to verify your information with Marketplace if your income changes. Modified Adjusted Gross Income is a measure used by the IRS to determine if a taxpayer is eligible to use certain deductions, credits, or retirement plans. Generally, your Adjusted Gross Income (AGI) is your household’s income less various adjustments. Generally, your Modified Adjusted Gross Income (MAGI) is the total of your household’s Adjusted Gross Income and any tax-exempt interest income you may have (these are the amounts on lines 37 and 8b of IRS from 1040).
Your gross income is the money you earned through wages, interests, dividends, rental and royalty income, capital gains, business income, farm income, unemployment and alimony. Gross income includes salary, interest earned, income from investments, and basically any income you made through business, trade, or investments.
FHA Streamlines many times have no LTV limits 120%+++ no apprasial no income verification no LTV limits. If the gift amount does not cover all upfront costs, the borrower needs to prove they have the money to cover them, or receive a higher gift amount. But, it happens a lot more than you might think, and has allowed many homebuyers to achieve homeownership much earlier than they would have on their own. This means that if the purchase price is $100,000, the borrower needs to come up with $3,500. However, borrowers may find themselves in a situation where they need to receive a gift for these loan types.
According to Fannie Mae’s underwriting guide, a giftor can be “a relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.” In addition, a fiance or domestic partner can give a gift. There’s even a provision for a friend to give a gift, provided a documented, long-term relationship was in existence prior to the real estate transaction.
This letter will be signed by the donor, and state that the money is to be used for the sole purpose of purchasing a home, and that there is absolutely no expectation of repayment. Often, the mortgage lender requires the donor to hand over a full copy of his or her bank statements, showing all transactions and personal information.
In that case, all that would be needed is the donor’s bank statement, and a receipt from escrow. The mortgage lender considers the funds yours if you can show bank statements that 1) do not show the initial deposit, and; 2) show the amount has been in your account for 60 days. The donor of gift equity would need to complete and sign the gift letter, just as if the gift were given in monetary funds. The final HUD-1 statement is provided by the escrow company, and displays each fee that’s related to the property sale transaction. However, Fannie Mae and Freddie Mac make this situation exempt from interested party contribution rules when the buyer and seller have an eligible relationship. For many first time home buyers, it can mean the difference between buying a home now, or buying years from now. With a little education on the gifting process and a willing donor, receiving a gift to be applied toward the down payment on a house can turn out to be a very sweet deal for the first time home buyer. We do not directly offer mortgages, accept applications or approve loans but we work with partners who do. If you would like to find out more information about your benefits, please visit the Official US Government website for the Department of Veteran Affairs or the US Department of Housing and Urban Development.

MAGI is the income of your household (you and anyone you claim as a dependent) after deductions. If you are unsure of your income consider taking only partial tax credits upfront to avoid repayment. Open enrollment is the only time of year you can get health insurance in the individual and family Market without qualifying for special enrollment. The calculator provides estimates, you won’t know your exact credit until you apply for the Marketplace.
Cost Sharing Reduction subsidies don’t have to be paid back if your income increases, but in some instances you may be eligible for a refund if your income was lower than projected. This will help you get the right amount of assistance and avoid any complications that could come up when you file your taxes.
For instance, lowering your MAGI with a Health Savings Account (HSA) can increase the amount and type of cost assistance you qualify for. Please note that the specific numbers below are meant as examples to help you understand marketplace cost assistance and how HSA’s can help lower Modified AGI, and they are not necessarily current.
Adjusted Gross Income is calculated before deductions (itemized or standard), exemptions, and credits are taken into account. For instance, if the appraised value is lower than the purchase price or funds are needed for closing costs. For both of these programs, follow the same donor guidelines and documentation procedures as for conventional loans.
An example would be a high school yearbook, a family photo album, or proof of being roommates in college. If it’s truly a loan, the payments need to be included in the borrower’s debt ratio calculation.
Any moneys received from anyone involved in the transaction are subject to the limits of “interested party contributions” as designated by the loan program. The letter will include items like the donor’s name, address, phone number, bank account number, and relationship to the homebuyer. When dealing with gift funds, “sourcing” gift funds means providing a bank statement showing that the donor does in fact have enough money to give. Many donors don’t exactly enjoy handing over personal information for a loan that’s not even theirs. The HUD-1 will show the gift by showing an item stating “Gift of Equity – $20,000,” or something to that effect.
We are not affiliated with the US Government, US Armed Forces or Department of Veteran Affairs. Alternatively, just use one of our ObamaCare subsidy calculators for a quick estimate on marketplace cost assistance.
The lowest cost Bronze plan will typically be cheaper, but remember only Silver plans qualify for cost sharing reduction assistance. Keep in mind, the only way to get cost assistance is through your state’s Health Insurance Marketplace. Almost everyone who got Tax Credits will have to report them on their Federal Income Taxes. For example, if a teacher reports $50 per month in educator expenses from January through June, the cap of $250 will have been reached by May. This is the kind of real-life documentation the underwriter might ask for when receiving a financial gift from a friend.
The final sale paperwork would say that the home sold for $100,000, but only $80,000 would be required to pass from the buyer to seller. This is proof that the intangible equity has been transferred from the seller to the buyer.
US Government agencies have not reviewed this information and this site is not connected with any government agency. You may want to check out our page on filing taxes under the Affordable Care Act to better understand your responsibility in regards to cost assistance.
Borrowers do not need to contribute their own funds if receiving a gift for the full 3.5% down payment.
Beginning in 2014, your MAGI determines whether you will be eligible for premium tax credits on the new Health Insurance Marketplaces.

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