Good Morning!
You can get a gift to help with the down payment or closing costs on a Conventional loan.
There are restrictions on who can give you a gift.
Here is the acceptable list of who can give you a gift...
Relative, defined as the borrower’s spouse, child or another dependent, or by any other individual who
is related to the borrower by blood, marriage, adoption, or legal guardianship.
The donor may not be or have any affiliation with the builder, the developer, the real estate agent, or any other
interested party to the transaction.
Fiancé, fiancée, or domestic partner. - An unrelated individual who shares a committed relationship with the
primary wage earner currently resides in the same household as the primary wage earner,
and intends to occupy the security property with the primary wage earner.
That's it for today!
Thanks for reading!
Brett
No comments:
Post a Comment