new rules on gift funds and borrower contribution

Mortgagenewsdaily certainly provides alot of information on a daily basis. I like tocheck their blog as well as a few others for information, though it is not always thenewest information. Lenders are always adjusting their loan requirements and generally get information as soon as it is available for which they base these changes on. I prefer to view what we currently provide as a lender in allowing gift funds, and I think it is pretty liberal. It can be for up to 100% of a down paymenton a number of different loans.

All lending programs allow for gifted funds.. some lending programs will have a minimum amount the borrower must bring in regardless of how much your getting for gifted funds.. but to know for sure you should run your scenario past a local mortgage broker.. he should tell you what the requirements would be based on your exact situation.. 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. William J. Acres, 480-287-5714 WilliamAcres.com

Hi Sarah, the entire 5% can come from your parents as a gift and there is no score requirement to do so. As long as you receive an Approve/Eligible from DU you will have no issues. Your debt to income ratio is right on the border so you will want to play close attention to the property taxes, insurance and possible HOA's when shopping for a property....I'm local and my office is in DTC if you would like to get pre-approved or if you just have some additional questions. My phone is 303-521-7169 and email is loanofficerseanyoung@gmail.com .....Best wishes, Sean