Gift Rules For Conventional Loans. ...And, Something You Didn't Know About Me!

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

 
To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.
 
 

Watch This Short Movie On Kindness...

Good Morning! 

Here's a great little movie on the power of kindness someone sent to me...

I thought you might enjoy it:http://www.powerofkindnessmovie.com/   

That's it for today! 

  

Have a good day today!  ...and thanks for reading.

  

Brett

 

  

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.

  

BIG CHANGES IN GOVERNMENT INSURED LOANS…

Good Morning! 

I promised you I would follow up on recent loan guideline changes.

In the last blog post I covered recent changes in conventional loan guidelines.

Here are exciting changes in the government loan guidelines. 

…They might just help you get a mortgage!

1) For FHA, VA, and USDA loans: Property can now be listed for sale during the process of refinancing your home!

2) FHA: Log homes are allowed.

3) Properties on a privately maintained road no longer require a recorded private road maintenance agreement.

4) FHA streamline transactions with a term reduction are allowed if the loan meets the Benefit to Borrower Requirement. (used to not be able to reduce term)

5) VA: Only 2 year seasoning on a foreclosure.

6) USDA appraisals are now good for 6 months.  

That’s it for today!

Have a good day today!  …and thanks for reading.

Brett

To see if you qualify for a mortgage right now - CLICK HERE  and fill out this simple application.

To sign up for my weekly mortgage quick tips - CLICK HERE.