If you have been following my posts you have probably learned that you can get a gift from a relative for your down payment on an FHA loan.
Many don’t realize this, but you can also use a gift for a conventional loan down payment!
The guidelines have changed on this in the past few years. It used to be if the loan to value ratio was over 80% the borrower could get a gift for down payment, but the borrower still had to bring 5% of their own
funds.
…That’s not the case any more!
A borrower can get a gift from a relative for the entire down payment on a conventional loan – it doesn’t matter if it’s 5% down or 25% down. …it can all be a gift!
…and, they don’t have to bring any of their own funds in the transaction.
Brett
To sign up for my weekly mortgage quick tips – CLICK HERE.
To download this report “4 Easy Ways To Get Someone Else To Pay Your Closing Costs!” – CLICK HERE.
Did you know even if you have “challenged” credit you can still get a low…
If you receive money from the State or a County sponsored organization for providing foster…
I wanted to address the two most common questions that I get regarding reverse mortgages……
If you purchased a home using your own cash, and now would like to pull…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…