I wanted to quickly go over the rules for gift giving on Conventional loans.
First – Gifts to cover down payment and closing costs are allowed! (only on owner occupied homes)
However, a gift cannot be given by just anyone.
The following are allowable gift givers for Conventional loans…
• 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.
is related to the borrower by blood, marriage, adoption or legal guardianship.
• Fiancé, fiancée or domestic partner.
• Domestic Partner: An unrelated individual who shares a committed relationship with the
primary wage earner, currently resides in the same household as the primary.
primary wage earner, currently resides in the same household as the primary.
Note: Rates are very low now. If you would like to see if we can lower your rate, payment, or term please give me a call or shoot me an email.
That’s it for today!
I hope you have a great day! Thanks for reading!
Brett
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