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 03:06 PM
i might be leery of that loan officer
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