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.
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…