Financial Help for a Mortgage From Private Citizens

The availability of mortgage help from private citizens depends on the type of mortgage you get. Conventional mortgages account for most U.S. home loans. Fannie Mae and Freddie Mac, government-sponsored enterprises, have strict financing rules regarding these loans. FHA mortgages, which are backed by the Federal Housing Administration, have more lenient requirements. VA loans, guaranteed by the Department of Veterans Affairs, are available only to military service-related home buyers.

Conventional or conforming mortgages adhere to the rules and regulations set by Fannie Mae and Freddie Mac. These mortgages cannot exceed $417,000 in most areas, and the money for the required 5 percent down payment cannot come from any source other than the buyer. Gifts from family and friends can be added to the minimum down payment or they can be put toward closing costs or prepaid expenses. You must have a reserve of three to six months in mortgage payments set aside.

FHA mortgages, which are guaranteed by the Department of Housing and Urban Development, have a different set of rules. Down payment money, which is 3.5 percent of the home price, can be a gift from private citizens, employers, state and local government agencies and non-profit corporations. You must have a letter verifying that the money is a gift and does not have to be paid back. Check your state and local housing agencies to determine whether they offer down payment or other types of financial assistance.

With either a conventional loan or an FHA loan, sellers can contribute up to 6 percent of the funds needed to pay for settlement costs, but they cannot contribute money for the down payment. In the past, when sellers put money toward the down payment, home prices were often artificially inflated. This practice also led to higher instances of default.

VA loans are generally quick and easy. In most states, the home can cost no more than $417,000. There is no down payment required, so you can shop for a home within the price limit and have your lender order a VA appraisal. After you apply for the loan, your credit application will go to the lender for approval. There is a limitation on a buyer's closing costs. In addition, a VA funding fee is required. A first-time buyer will pay 2.15 percent of the price of the home. It can be paid in cash at closing or rolled into the mortgage. Cash gifts from private citizens can be used to pay the funding fee,

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