Lender's are expanding requirements taking the stress out of using gift funds to purchase a new home. Gifts/grants are now allowed to be considered part of the borrower's own funds.
- Entire 5% down payment can be gifted by another person.
- Private mortgage insurance is required, yet premiums are lower than on a comparable FHA loan. Meaning your monthly payment is lower!
- Seller or lender credits for closing costs are allowed.
- Gifts of equity are allowed.
Wow- now is the time to start looking for the home you have been dreaming of, no matter if you are a first time home buyer, or just want to change to a different home--this program is for you!
Contact me today to put your gift funds to good use in purchasing a new home!