How Gifts Work On Conventional Loans…

By
Mortgage and Lending with Berkshire Lending, LLC

small-brett-pic4I 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 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!

Brett

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Comments (1)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It always good to be aware of the different soyrces of downpayment $$$

Mar 22, 2016 11:18 PM