conventional gift rules: Use a gift for down payment
- 06/20/18 09:23 AM
Minneapolis, MN: Looking to purchase a home in the near future? The lack of down payment is a big hurdle for many people. But did you know you can use a gift for down payment? Most loan programs allow for a gift for either some, or all of your homes down payment, including FHA loans and conventional loans.WHO CAN GIVE A GIFT?The gift typically comes from Mom and Dad, but officially the rules say the gift must be from a relative. This is defined as any individual who is related by blood or marriage, adoption, or legal sponsorship. Even a fiancee or domestic … (0 comments)
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Minneapolis, MN: Looking to purchase a home in the near future? The lack of down payment is a big hurdle for many people. But did you know you can use a gift for down payment? Most loan programs allow for a gift for either some, or all of your homes down payment, including FHA loans and conventional loans.WHO CAN GIVE A GIFT?The gift typically comes from Mom and Dad, but officially the rules say the gift must be from a relative. This is defined as any individual who is related by blood or marriage, adoption, or legal sponsorship. Even a fiancee or domestic … (0 comments)
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