3/21/2015  · Gift Funds Guidelines for FHA Loans. Gift funds are a very popular way of paying a down payment or for paying closing costs & pre-paids when purchasing a home. On most mortgage loan programs, a gift is an acceptable source of funds as long as they are: Truly a gift and there is no expected or implied repayment back to the donor,

 · The government agency or secondary market for your mortgage program; The lender’s guidelines. The loan program you apply for determines which method the underwriter uses. For instance, on a conventional loan, the underwriter must follow the Fannie Mae or Freddie Mac guidelines.

Requirements With 2018 FHA Manual Underwriting Mortgage Guidelines One of the most important factors most mortgage underwriters require is rental verification. Rental verification is only valid if the renter can provide 12 month’s canceled checks. Renter can also provide 12 month’s bank.