Can a real estate agent gift me their commission for the FHA mortgage down payment?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: FHA QuestionsCan a real estate agent gift me their commission for the FHA mortgage down payment?
Thomas Martin Staff asked 5 years ago

The Real Estate Commission from Sale of Subject Property refers to the Borrower’s or Buyers  portion of a real estate commission earned from the sale of the home  being purchased.  FHA mortgage lenders may consider Real Estate Commissions from the Sale of the Subject Property as part of the Borrower’s acceptable source of funds if the Borrower is a licensed real estate agent.  A Family Member/ Realtor is  entitled to the commission may also provide it as a gift, in compliance with standard FHA gift requirements.  The FHA mortgage lender must verify and document that the Borrower, or Family Member giving the commission as a gift, is a licensed real estate agent, and is entitled to a real estate commission from the sale of the property being purchased.   

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