Good Morning!
Until not too long ago you had to put at least 5% of your own money down when using a Conventional loan.
…unless you got a 20% gift.
Fortunately the gifing rules are more friendly to the borrower now.
Now your 5% down payment can be a gift on a Conventional loan!
…As long as you meet these requirements:
1) Loan must be for a single unit principle residence.
2) Gift must come from: a relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship. I can also be a fiancé, or domestic partner.
…On a lighter note: I’ll be you didn’t know that I paint!
Here’s a painting I just finished of my youngest son in the stockade at Disney Word earlier this year…
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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