Conventional loansallow homebuyers to use gift money to cover a down payment and closing costs. The only caveat is that the funds must be from an acceptable source. Acceptable sources of gift funds include most family members. Fannie Mae and Freddie Mac consider spouses, children, and dependents...
Fannie Mae also allows for grant money and loans that you can defer repaying. Freddie Mac-conforming conventional loans Freddie Mac has similar rules, allowing gift funds from what it calls “related persons.” Those include: Anyone related to you by blood, marriage or adoption ...
Enjoy Fannie May premium chocolates and gifts. Shop our array of gourmet chocolates for a custom gift tower or basket or your personal indulgence.
Are there limits on down payment gift amounts? Usually, there aren’t any limits on the amount of money someone can give you toward your mortgage down payment. However, you may be required to pay a portion of your down payment from your personal funds depending on theproperty typeand the...
Your loan type can impact who is eligible to give you mortgage gift funds. Your loan officer should explain the rules of each mortgage type so you can make an informed decision. There are some rules about who can give you down payment gift money. This changes slightly depending on the type...
There’s no dollar limit to the amount of funds someone can gift you for your down payment. However, depending on your mortgage loan program and the type of home you’re buying, you may have to pay at least part of the down payment out of pocket. This is known as a ‘minimum borrow...