down payment: Barbara's Blog - Down Payment Info
- 06/29/15 05:45 AM
Guidelines have become stricter for buying a house. But there is some pleasantly surprising news if you think the only way you can buy a house is with excellent credit and a 20% down payment.
According to bankrate.com, veterans and active-duty military can borrow with as little as no money down and rolling a funding fee into loans guaranteed through the Veterans Administration. The funding fee varies according to whether or not you’re a veteran, served in the National Guard or in regular military.
These loans are usually restricted to members of the military and family members. Similarly, the Navy Federal Credit Union … (1 comments)
down payment: Barbara's Blog - Using Gifted Money for a Down Payment
- 05/12/15 05:13 AM
It can be extremely hard to save for a down payment for a new home. Some people have turned to accepting gifts from friends and family. Using gifted money for a down payment was a popular way of getting the 20% or more needed at closing.
.But then the big housing bust of 2008 happened. And like with most things housing related, being able to use gifted money has changed. Regardless of the amount of the down payment, new restrictions make it harder, if not impossible to use gifted money.
Lenders are requiring more documentation for loans these days and that includes documentation … (2 comments)
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