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 who
is 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 the
primary wage earner, currently resides in the same household as the primary.
Note: Rates are very low now. If you would like to see if we can lower your rate, payment, or term please give me a call or shoot me an email.
That’s it for today!
I hope you have a great day! Thanks for reading!