We all know that today’s home buyers want choices in home financing, especially first time homebuyers. In the past, using 100% gift funds as a source for down payment meant buyers had to use FHA financing, they had no other choice even if they would otherwise qualify for a conventional loan. We have changed that. We have recently enhanced our guidelines to allow 100% gift funds as down payment on both FHA AND Conventional loans. This will help you find and qualify more buyers and save them money when they qualify by avoid paying the higher PMI Costs that are associated with an FHA loan.
100% Down Payment Gift Financing Features:
- · Entire down payment can be gifted by another person (with as little as 5% down conventional)
- · Available on FHA and NOW Conventional Loans.
- · Available for loans up to $417,000
- · Available on 1 unit, Primary residences only
Contact Jeremy Durkin with Prosperity Home Mortgage for more information.