cash gifts: How to use Cash Gifts as Down Payments - 06/03/15 05:15 AM

   In order to get into the housing market, many homebuyers are accepting gifts from family or friends in order to meet down payment requirements by lenders. In fact, as of 2012, one in five Baby Boomers has either gifted, loaned or co-signed a loan to help children or grandchildren buy their first home.
 
   But along with other borrowing restrictions following the housing bust in 2008, lenders cracked down on down payment gifts, too. No longer can a homebuyer "pass the hat" to relatives and friends in order to come up with enough cash to put down on a home, whether … (0 comments)

cash gifts: Mortgage Gift Money - 06/17/13 03:48 AM
    Are you expecting a cash gift for the purpose of paying the down payment on your next house? You're not the only one!
   The ever competitive U.S. economy along with the growing number of first time home buyers has, in turn, raised the number of mortgage applicants that uses mortgage gift money for the down payment on a new home. If you're one of these people, better make sure you accept your gift money properly; otherwise, your lender might just reject your loan.
    Rules for Cash Gifting
Acquire an Authorized Down Payment Letter
     Receiving … (1 comments)

 
Brian Heckman, NMLS #229758 Equal Housing Lender (Success Mortgage Partners, Inc. NMLS #130562)

Brian Heckman

NMLS #229758 Equal Housing Lender

Tampa, FL

More about me…

Success Mortgage Partners, Inc. NMLS #130562

Address: 13139 W. Linebaugh Ave. #201, Tampa, FL, 33626

Office: (813) 749-7776

Fax: (813) 749-7776

Email Me



Links

Archives

RSS 2.0 Feed for this blog