{"id":1485,"date":"2015-07-03T12:21:14","date_gmt":"2015-07-03T12:21:14","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=1485"},"modified":"2020-07-13T22:34:35","modified_gmt":"2020-07-13T22:34:35","slug":"realtor-commission-gift","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/realtor-commission-gift\/","title":{"rendered":"Realtor Commission Gift Helps Family Buy a Home"},"content":{"rendered":"

It is very common for family to help family buy a home, especially when FHA<\/a> loans are involved.\u00a0 Assistance is usually in the form of a gift towards down payment.\u00a0\u00a0But sometimes real estate agents <\/a>represent a family member or themselves\u00a0as a buyers agent<\/a>.\u00a0 If you’re a realtor buying your own home<\/a>, check out another article “Can a Realtor use commission as down payment on a purchase?<\/em><\/a>“.\u00a0 When the purchase involves close relatives, a Realtor commission gift comes in handy.<\/p>\n

So when a real estate agent<\/a> represents family on a purchase, the buyers agent commission may actually be used as a gift.\u00a0 Although the commission is not\u00a0received until after\u00a0closing and recording, it may be gifted!\u00a0\u00a0 There are two\u00a0interesting FHA<\/span><\/strong><\/a> guidelines that even though the agent’s commission is not paid until after the transaction has closed, lender has funded the loan, and the attorney has recorded the deed and mortgage, the commission paid to the realtor can be used as his\/her own funds or a family member’s funds for down payment on an FHA<\/span><\/strong><\/a> loan.<\/p>\n

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FHA Realtor Commission Gift Guidelines<\/h2>\n

A Family Member entitled to the commission may provide it as a gift, in compliance with standard gift requirements.\u00a0 The\u00a0Mortgagee must verify and document that the Borrower, or Family Member giving the \"realtorcommission 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.<\/p>\n

Example of a Realtor gifting their commission to a family member:<\/h3>\n

Buyer’s mother, a licensed\u00a0Realtor,\u00a0represents a\u00a0buyer in\u00a0a purchase.\u00a0 The agent\u00a0represents\u00a0she will gift part or all of her commission to the buyer.\u00a0\u00a0So the Realtor commission gift may be used\u00a0towards down payment or closing costs.\u00a0\u00a0Lets say\u00a0the commission to the realtor is $6000 and\u00a0the borrower is supposed to bring $7000 total to closing.\u00a0\u00a0Then the buyer only needs $1000 more for closing.\u00a0 To learn more about using gifted funds for down payment, read\u00a0“When is a Gift a Gift According to FHA<\/a><\/span><\/p>\n

As an FYI, Fannie Mae conventional guidelines do not allow the donor to be the real estate agent.\u00a0 So FHA has an advantage in these cases.<\/p>\n

[av_button_big label=’Apply Now to Buy a Home’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/apply-online\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′][\/av_button_big]<\/p>\n","protected":false},"excerpt":{"rendered":"

It is very common for family to help family buy a home, especially when FHA loans are involved.\u00a0 Assistance is usually in the form of a gift towards down payment.\u00a0\u00a0But sometimes real estate agents represent a family member or themselves\u00a0as a buyers agent.\u00a0 If you’re a realtor buying your own home, check out another article […]<\/p>\n","protected":false},"author":2,"featured_media":1629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,24,97,17,288,40],"tags":[161,404,240,7,25,26,27,28,29,30,32,9,241,242,10,11,12,13,98,16,310,405,18,311,20,21],"class_list":["post-1485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-fha","category-interesting","category-products","category-real-estate-professionals","category-tips","tag-business-owners","tag-can-a-realtor-gift-commission-to-family","tag-down-payment-gift","tag-down-payment-source","tag-fha","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-calculator","tag-fha-loan-requirements","tag-fha-loans","tag-fha-rates","tag-first-time-buyers","tag-gift-from-family","tag-gift-funds","tag-homebuyers","tag-low-down-payment","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-nc-purchase-contract","tag-north-carolina","tag-pinehurst-southern-pines-association-of-realtors","tag-realtor-commission-gift","tag-realtors","tag-sanford-area-association-of-realtors","tag-team-move","tag-wrar"],"acf":[],"yoast_head":"\nRealtor Commission Gift May Provide Down Payment to a Family Buyer<\/title>\n<meta name=\"description\" content=\"Realtor commission gift allows an agent to pass along part or all of a commission to a related buyer. 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