Dec '22 in Questions On Mortgage Process
Gift Money - What You Need To Know
Gift Money - Money that is given to a borrower that is used for down payment and or closing costs.
Many first time home buyers use gift money to buy a house. Here is what you need to know about the process:
WHO - Any immediate family member, sorry, no friends or cousins
WHERE - FHA Loans need the money to come from a bank account / Conventional just needs a cleared or cancelled check
SEASONED - FHA monies need to be seasoned 30 days / Conventional does not need seasoning
HOW MUCH - Entire down payment and closing costs can be paid by Gift
WHEN - ASK US before you do anything or move any money from any gift done.
If you have any other questions, please make sure to contact us so we can better help you or walk you through this.
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Gift Money - What You Need To Know
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