Down Payment Gift Funds

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Fannie Mae, the most important rule maker in the mortgage business, has released this new guideline.
  
“If a borrower receives a gift from a relative or domestic partner who has lived with the borrower for the last 12 months, or from a fiancé or fiancée, the gift is considered the borrower’s own funds and may be used to satisfy the minimum down payment, as long as both individuals will be living in the property.   

This change improves and clarifies how gift funds can be counted when qualifying for a mortgage. This can be the difference between being able to buy that 1st home, and having to continue renting.   

  Thanks to Mario Basura of Broadview Mortgage http://www.Broadviewmortgagecorp.com/MarioBasura for this update. 

    

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