Co Borrower?

If you qualify for the loan yourself you do not need a co borrower and your mother can gift you the money for the downpayment.If you would like to discuss this further you can contact me.BNC National Bank is a national lender with competative rates and fees. Patrick BodineSR.Mortgage Consultant 650 Douglas Drive NorthGolden Valley, MN 55422 Cell:651.248.0467 Office:612.305.2284 Fax:612.766.9884 Email:pbodine@bncnationalbank.com Website:www.bncnationalbank.com/minneapolis/pbodine

No, your mother is not a co-borrower unless you need her to help qualify for the mortgage. Aside from gift funds, FHA also allows you to borrow the funds from an immediate family member, as well; sometimes that makes it easier to work out with your family. Not every lender considers a family membe loan to be acceptable, though, regardless of FHA guidelines. You should also keep in mind that if it is a gift, anything over $13000, right now, there may be some tax consequences, as well; consult a tax advisor to determine if there is anything to be concerned about.