FAQ – What is the FHA Gift Funds Section 1010 Verbiage
FHA Underwriting Tip;
FHA allows a borrower to meet the minimum statutory investment by using gift funds from either a close family member, government agency or approved non profit.
FHA requires that all gift letters include the section 1010 verbiage below –
WE ARE AWARE OF THE FOLLOWING:
I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when applying for this mortgage, as applicable under the provision of Title 18, United States Code,Section 1014 and Section 1010.
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