02-28-2013 11:05 AM
I've been reading here that the first 5% has to be my own money and that the rest can be a gift. But I just asked my LO, and she said that all of it can be a gift. Now I'm confused.
02-28-2013 11:28 AM
I think all of it can be a gift if its 20 percent down. But I think you still need skin in the game if your down payment is below 20 percent.
I don't know the exact rules, but I would imagine you would need at minimum 3 percent down out of your own funds. Unless of course you put down 20 percent, then it dont matter where the money is coming from.
02-28-2013 11:33 AM
02-28-2013 12:56 PM
We are currently going through PrimeLending and we are going with a 5% down conventional loan. The lender said that for conventional loans you have to put down the first 5% from your own funds. Above and beyond that everything else can be a gift. As well, your other closing costs and prepaids can be a gift. We asked because there was a possibility that my husband's parents could put in another 5% and give us a total of 10% down, but that didn't work out.However, I'm not sure if the rule is lender specific.
03-03-2013 02:49 PM
03-03-2013 03:06 PM
i might be leery of that loan officer
03-03-2013 03:13 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.