Are you planning to use a gift for the down payment or closing costs when using a Conventional Loan?
Not just anyone can give you a gift. Here is the list of acceptable donors that can give you a gift…
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. 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.
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.
That’s it for today!
Thanks for reading!
Brett
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