Gifts are allowed in most cases but the problem is, if you don’t accept the gift in a “lender-friendly” way, the mortgage underwriter could reject it, and not allow it. Six Steps To Success With Your Down Payment Gift Funds You can’t just deposit a cash gift into your bank account. You have to follow a series of steps and keep records. 1. Provide an acceptable gift letter signed by all parties. Provided by the lender. 2. Provide a bank statement from the gifter’s account to show proof of funds. … (49 comments)
If you did nothing but listen to the media – you might think that the minimum down payment on a home is 20%. This is far from the truth. Yet if this is the case, why do we still hear it referenced so often? Good question and let’s ponder that while we review the options that really do exist.
Zero Down – While surprising to some, the Veterans Administration and the USDA programs both offer a zero down loan program for individuals and/or properties that meet the criteria. In some cases, … (3 comments)
I literally fell into this business, 42 feet to be exact. Straight down an elevator shaft 17 years ago. Ever since I have been a Colorado loan officer - My goal is to always make the loan transaction as stress free as possible and to always close on time. For some reason lenders forget that contract dates actually mean something. Go figure...right? Weird, I know! - I Currently sponsor weekly training webinars that feature ways to help your business by presenting cutting edge, innovative technology, strategies and transforming ideas to meet current market conditions. - I believe that success breeds success and that we are at our best when we are helping others to succeed. Basically a Zig Ziglar fan. :)
Follow These 6 Steps When Using Gift Funds
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