Navigating the Rules:
Each loan type has its guidelines:
Conventional Loans: Common choice, often allowing gifts from family and partners for down payments, closing costs, or reserves. But remember, no investment properties!
FHA Loans: Open to gifts from various sources (friends, family, employers) for all expenses. You'll need a gift letter and proof of fund transfer.
USDA Loans: Zero down payment required, but gifts can cover closing costs (not reserves). Only family, employers, labor unions, charities, or approved programs can contribute.
VA Loans: No down payment is needed, but gifts are welcome for down payments, closing costs, or the funding fee.
Before you dive in:
Talk to your lender: They'll guide you through their requirements and ensure everything's above board.
Gather your paperwork: Gift letters, transfer documentation, and proof of sufficient funds might be needed.
Please don't hesitate to call or text to arrange a free consultation. Explore the diverse opportunities and acquire essential insights to determine the best strategy for your situation. 520-637-5975