+1 vote
I'm approved and we were to be gifted the down payment. As of right now that gift has just has been changed and no longer available. I haven't reported to the bank said I've lost this yet because I'm searching for another way. Am I at risk of losing the loan now?
asked Jan 31, 2018 in FHA Loans by Heather

2 Answers

+1 vote
Hello, Heather, and thank you for writing. That's a good question, and it has two answers.

First, an FHA mortgage approval is good for 90 days from the time that you receive formal notification of loan approval. However, loans are audited prior to funding, and sourcing your down payment -- making sure the giver of the down payment has the funds in an account, transferred the money to you, and provided a letter stating that the money is a gift -- will be part of that process.

Any material change in your situation -- and the down payment source is a biggie -- means you  need to notify your lender and the loan must be re-underwritten. If you get money through a down payment assistance program, for instance, or just ramp up your savings, or crowdfund your bank account, they'll just underwrite on that assumption.

Good luck with your mortgage and thank you for your question.
answered Jan 31, 2018 by GinaPogol (47,650 points)
0 votes
Your credit scores are good for 120 days. Once 120 days has elapsed, your lender needs to repull credit. If credit dropped below your lenders minimum credit score requirement, then your pre-approval will not be valid. If credit is good, then you are good. To keep your FHA Pre-Approval valid, need to provide your lender updated paycheck stubs and bank statements.  

Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
Website www.gustancho.com
answered Feb 6, 2018 by GustanCho (106,540 points)

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