LeaderOne DC offers to its clients and partners a program that makes obtaining gift funds for a down payment on an FHA loan fast and simple. The FHA loan program, largely targeted at first-time homebuyers, requires a minimum 3.5% down payment in order to acquire the loan. The FHA loan program, unlike the conventional Fannie Mae / Freddie Mac loan program, allows for borrowers to obtain gift funds from friends or family for the required minimum 3.5% down payment. Of course there is always a catch—gift funds come with bureaucracy. In order to use gift funds a borrower must provide letters of explanation about the gift, prove the source of the funds, provide proof that the issuer of the gift has held the funds for at least two months, and document the relationship between the grantor of funds and the borrower.
In order to streamline this program, LeaderOne DC has set up a bridal registry program. Engaged couples—or anyone who is in the very early stages of home buying—can call LeaderOne DC and request that we, the lender, set up a bank account in your name. We will then provide the homebuyer account deposit instructions that can be given to wedding guests or other family and friends. Instead of buying the engaged couple a cheap lamp for $20 or $25 the several dozen or several hundred wedding guests or other family and friends can place money into the bank account, money that can be used for a down payment without any sourcing or documentation required.
It's both a brilliant and a wise way to utilize one's wedding for real future benefit. Call LeaderOne DC and we’ll get you started!