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.
If you are thinking about buying a house, but you aren’t really sure if it’s…
Here is a breakdown of the maximum seller help amounts by loan program… Program: Conventional…
Your property tax bill usually comes out in late November, or early December. There are…
If you want to acquire rental properties, but you are having issues proving your income…
If you receive money from the State or a County sponsored organization for providing foster…
FHA gift questions come up often. I wanted to give you the rules on FHA…