Can I give my daughter a down payment of $50,000 on a FHA loan without having to wait 2 months for the loan to go through

There is no waiting period (seasoning) of gift funds. You can give the money and close right away. Note, you do have to sign a gift letter and follow the other gift requirements, but the money can be used right away. www.JoeMetzler.com

FHA will allow you to give your daughter the money as long as it can be properly documented. The 60 day rule on closing is up to how busy the loan underwriting dept is and if the rest of the file is clean and in good order. Ie. Apprasial, title, income, etc.

You can gift your daughter the $50K, not a problem.. But the lender will document the funds coming from your account.. They don't have to be seasoned, so you won't need 2 months statements, but you will need to prove the funds are coming out of your account.. but just as others suggested, there could be some pretty hefty tax implications for her, since gifted funds over $10K would be taxable... you should contact your CPA to get a better picture of what the additional liabilities are, but you can do it.. I'm a little confused as to why she would be going FHA and putting $50K down.. FHA only requires 3.5%... $50K is probably not needed, unless there's low credit scores or high debt to income ratio's you're dealing with.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

There is NOT a waiting period, just have the mortgage broker send you a gift letter, send it back filled out along with documentation on transfer.. Need a bank Statement showing where money came from and transaction slip if available and your daughter will have to show it being received into her bank via a bank statement or transaction log. AVOID using cash or business funds as they either aren't sourceable as with cash or if business funds additional documentation will be needed and some banks will not accept business funds as an acceptalbe source for a gift.

Great answers above, check with your tax advisor but there other wise there is no waiting period as long as the source of the funds (all the way back to where you pulled the money from) can be documented and traced. A large gift does not make the normal process for approving and closing a mortgage any less involved. I suggest you also check on other options besides FHA which might work out better for her depending on her credit and qualifications.

Yup.

There is no waiting period if you gift money for the down payment. However, be sure to properly document you gift including a gift letter and bank statements showing where the money came from.