FHA mortgage, gift letter and paying the gift back?

Answers:0   |   LastUpdateAt:2012-11-04 01:47:07  

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Chatwin
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I have applied for an FHA mortgage; the lender just called me to ask if I ommitted any accounts on the application because I don't have any reserves. The only reserve I would have had - the ability to borrow from the vested bal of my 401K plan - is going to be gone because I need to borrow the down payment and a portion of the closing costs from it.

If I had a relative give me a gift of the down payment, and then sign a gift letter - I am completely prohibited from ever paying that person back? As in I don't take the 401K loan, I get the gift and gift letter, and then I take the 401K loan at some time in the future to repay her???
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