Were you thinking you might need a gift for the down payment when you get a mortgage?
I wanted to go over the gifting rules for FHA and Conventional loan programs…
Conventional:
· If the gift is less than 20% of the purchase price, then the borrower still has to have 5% of the purchase price from their own funds.
· The giver of the gift will have to provide bank statements that show they had the ability to give the gift.
· Gifts from a spouse or finance are not considered to be gifts, but are considered your own funds.
FHA:
· The whole 3.5% down payment can be a gift from a relative.
· The giver of the gift will have to provide bank statements that show they had the ability to give the gift.
· You can also borrow your down payment from a retirement account.
That’s it for today.
Thanks for reading! …and, have a great day!
Brett
Texas renters are spending more than 30% of their incomes on rent. It can be…
If you are looking for a home in the outer suburbs or in a rural…
If you have credit card debt it’s smart to consider a consolidation loan. If you…
I wanted to let you know we have a 2% to 5% downpayment and closing…
Do you have investment property, and would like to pull cash out of your property?…
Texas renters are spending more than 30% of their incomes on rent. It can be…