Are you looking to purchase and are getting a little help from mom and dad? Well we have some great news! Guidelines have just loosened up on high balance loans, or loans available in high cost areas such as San Francisco Oakland and Alameda with the loan amounts between $417,001 and $625,500. Recently a borrower had to have their own funds of 10% down to qualify for conventional financing, gift funds were not allowed with 10% down. Now, a borrower who is purchasing or refinancing, may receive a gift to be used towards the down payment, prepaid items, closing … (0 comments)
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