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How to Set the Down Payment Source in FHA Loans

This guide explains how to set the borrower’s down payment source and how to add assets in the loan file.

Step 1: Set the Down Payment Source

Go to: Overview > Terms & Mortgage

  1. Click Edit.
  2. Click the pencil icon next to Edit down payment.
  3. In the popup, click Add New Down Payment.
  4. Asset Type: open the dropdown and choose the correct option.
    • For gift funds, select the option labeled FHA Gift Sources.

        5. Source Type: open the dropdown and select who is providing the funds.

       6. Enter the dollar amount.

       7. Add a description if needed.

       8. Click Save.

Step 2 : Enter or Update Borrower Assets

Go to:

  • Loan Application > Assets (2023 Page Layout)
  • Financials > Assets (2025 Page Layout)

To check or change your page layout, click your username in the top right corner > Profile > Edit Profile. 

  1. Click Add New Asset.
  2. Asset Type: choose the correct option (e.g., Checking, Savings, or Gift Funds).
  3. Complete all required fields (such as Bank Name and Account No) and click Save.
    • For Gift Funds, be sure to:
      • Select the correct gift Fund Source Type.
      • Add a description if needed.

      • Indicate whether the gift fund is deposited to the borrower’s account or not.

      • Ensure the gift Fund Source Type matches the entry under Overview > Terms & Mortgage > Down Payment Source.

Questions? Contact us at support@spherelos.com — we’re here to help.