FHA will accept cash rewards from credit card programs as an acceptable source for the Borrower’s Minimum Required Investment (MRI) to obtain FHA-insured financing.
The Mortgagee (lender) must verify and document the establishment of the cash rewards from the credit card program along with the borrower’s receipt of these funds. The Mortgagee also must determine that the received funds were reasonably accumulated from the credit card program; gifted or transferred reward points from other parties are not allowed.
The Borrower’s Minimum Required Investment (MRI) must also comply with the requirements set forth in Source Requirements for the Borrower’s MRI (see Handbook 4000.1:II.A.4.d.ii or 4000.1:II.A.5.c.ii).
For additional information see Handbook 4000.1 II.A.4.d.iii(K) or II.A.5.c.iii(K) available at: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh
HQ Policy Determination