Good Morning!
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.
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.
That's it for today!
Have a good day today! ...and thanks for reading.
Brett
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