Good Morning!
Traditionally if you wanted to use gift funds for your down payment you had to use an FHA, or USDA loan.
This means the gift would represent your entire down payment and you wouldn’t need to come out of pocket with your own sourced funds for the down on FHA and USDA.
Now I can use gift funds for the down payment on Conventional financing! This is pretty huge.
You do have to have a 740 credit score to use this program.
…However, the benefit is that on conventional there is no upfront MI like you have on FHA and USDA.
If you have access to a gift for your down payment – give me a call and we can discuss which program would work best for you.
I hope you have a good day today. Thanks for reading!
Brett
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