how gifts work on conventional loans: How Gifts Work On Conventional Loans…
- 03/22/16 11:04 PM
I wanted to quickly go over the rules for gift giving on Conventional loans.
First – Gifts to cover down payment and closing costs are allowed! (only on owner occupied homes)
However, a gift cannot be given by just anyone.
The following are allowable gift givers for Conventional loans…
• Relative, defined as the borrower’s spouse, child or other dependent or by any other individual whois related to the borrower by blood, marriage, adoption or legal guardianship.
• Fiancé, fiancée or domestic partner.
• Domestic Partner: An unrelated individual who shares a committed relationship with theprimary wage earner, currently resides in the same household as the primary.
Note: … (1 comments)
|
|
|
|
I wanted to quickly go over the rules for gift giving on Conventional loans.
;)
;)
