What ways have you raise money for a FHA 3.5% down payment?

[Ralph E.]

I was close to buying my first home, which included another rented home, on one legal lot, through an FHA secured, 3.5% down loan (at the ripe age of 45).

The loan officer I was going through at first said I was eligible for down payment assistance (I needed over $7,000 down/or as a gift). But she later found out that I wasn't eligible because my income, combined with the income I'd make from the other house, was over the limit for down payment assistance. I had to cancel the buy-sell.

I asked my employer if they could help with the down, but things are tight for our small, but growing company. I knew, and my family knew they couldn't help.

I hate the fact that the bank would check my girlfriends bank account (if she were to try and gift me the down payment), and notice a deposit of over $7,000, and would not accept that.

Have you found anyways to get down payment money for an FHA secured loan, besides saving?

[Samantha Klein]

You really shouldn't have to borrow it. You need reserves if you want to survive in this business. I would continue to learn and save your down payment because if you borrow the DP then you close and later on some Capex happens and you have no money to cover it, then what?