Tuesday, January 21, 2014

Down Payment Can be a Gift with Conventional Loans

It is now possible for a buyer to get a conventional loan with none of the down payment coming from their own funds.  In the past, mortgage insurance companies required buyers to have at least 3% of the down payment come from their own funds, but now, the entire down payment can be a gift from a relative of the buyer.  

This has always been the policy with FHA loans.  Now it's possible with conventional loans, too!

Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved? 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

No comments: