how much can someone contribute to my down payment on a conventional loan?

You can be GIFTED as much as someone is willing to give you to purchase a new home.. however, the donor must be related or a close friend, and it must be a GIFT and not a loan. if your purchasing the home from a relative, they are allowed to give you a GIFT of Equity.. but then your Loan to Value will be reduced. If you have no relation to the seller, however they are willing to "give" you sufficient funds for the down payment, then that would not be allowed, since that would make the transaction suspicious.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

the max seller consessions = 3% on a convenstional loanemarez@thefederalsavingsbank.com

That is incorrect, the seller can not contribute a dime to your down payment, it's not a valid source. From a a valid source with a 720 fico we have a lender that will allow the full down payment to be gifted. On the other hand if your score is lower you must first contribute the initial 5% before any gifts are allowed or it can all be a gift if this gift is over 20% of the purchase price.

Genreally speaking a family member any amount so long as the borrower contributes 5% funds for Loan to Values (LTV) over 80% and they must be related somehow. IF they contribute 20% of the down then the borrower does not need to contribute their own funds. Gov, Entitiy's - ie. Down Payment Assistance Programs can also contribute and that amount can be any amount but there are LTV restirctions with some programs. Conventional loans have a lot more guidelines on gifted funds. However, FHA can be any amount of money so long as they are a family member, work, church, or gov. entitity.

They can contribute as much as they want as long as it's a gift. With conventional you usually have to put at least 5% down.

Someone can contribute as much as they would like. However, it has to be in the form of a gift. They must provide a gift letter stating that the funds do not need to be paid back and provide a paper trail for the funds. If they are loaning you the money for the down payment that will not work, as it will need to be factored into your overall debt-to-income ratio.

Answer varies, depending on the credit score, and the source of funds.

Really need more information about what you are trying to do. A close relative is the only person who can help with your downpayment, and as long as properly documented there is no limit to the amount. Depending on the type of loan, you do not need ANY of your own money toward the downpayment for my loan options (I can refer you to someone with my company in CA if you are interested in pursuing that option.) The seller can pay at least 3% of the purchase price toward closing costs and prepaid expenses, more depending on the total amount of your downpayment - but NOT toward your downpayment. Hope this helps!

A donor can contribute as much or as little as you may need. Depending upon what your overall down payment situation is will determine what your minimum contribution needs be. For example, if your down payment is 20% or more, it can be all gift and you would not have to contribute anything to the down payment. On a FNMA MyCommunity mortgage product, the minimum down payment is 3% and it can be all gift also. If you are doing a regular conventional loan with 5% down or more, your contribution would need to be at least 5% from your own funds and then you can apply any amount of gift you want. As stated in one of the other responses the donor will need to be a blood related relative (Parent, sibling, Grandparent, Aunt or Uncle). As a direct lender, we offer all of these types of programs, plus many others. If you would like to discuss your situation further, please feel free to contact me directly. John Beman 888-779-6500 x 7315 or 714-381-8080 mobile john.beman@amflc.com