Can my wife provide down payment if she is not on the mortgage?

Your wife can gift you money for the down payment and closing costs. I would suggest contacting me through my profile to discuss which mortgage program may work best to fit your qualifications. I am nearby in Natick.

Hi Fridawells, well, you do have some options...can you add your name to her bank account ? as for gifting the money, that is also acceptable, you can do an FHA loan that way, but to go conventional, you probably need 5% of your own funds in the deal, so FHA or add your name and you can do it...also, how bad is her credit, she can still do conventional loans with a 620 credit score ? feel free to contact myself or any of the other excellent Loan Officers here at Lender 411..I have been in the business for 26 years and have closed over 4500 loans myself...2000 of them FHA files...Good Luck...

Yes, it is done all the time - just a little extra paperwork.

Yes and no... Weird as it is, technically no, because she is not on the loan. But, she can gift it to you, so YES. It is just another one of those dumb mortgage rules that can easily be gotten around. Talk to your local mortgage broker on how it works... There is a procedure to follow, and you don;t want to mess it up.

FHA will allow your wife to gift you the down payment funds and will allow you to apply for the loan in your own name. For FHA, you only need a 3.5% down payment. Freddie Mac will allow you to apply in your own name, but at least 5% of the down payment MUST be your own funds. Since most lenders will only look at the last two bank statements, if your wife were to gift you the funds now and you put them into your bank account for at least two statement cycles you would not be subject to the gift cap because the funds would be considered seasoned and yours. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Yes, your wife can provide the funds for the down payment by gifting the money to you. Your lender will be able to guide you through the process and let you know what additional paperwork needs to be completed in order for you to use her savings as the down payment.

Yes.. you can obtain a "Gift of funds" from your wife. Your lender has the paperwork necessary.. you will need to use conventional financing, and with 10% down, you will have a small monthly mortgage insurance premium, but it can be done without a problem so long as you meet all other eligibility requirements. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com