A lot of people, especially first-time home buyers, receive gift money for their down payment or closing costs. Gifts are allowed on all types of loans, but the requirements differ depending on the loan type. For conventional loans, such as Fannie Mae and Freddie Mac loans, if you're putting down 20%, all of the money can be a gift. If you're putting down between 10% and 20%, 6% of the purchase price can be a gift. For example, if your purchase price is $300,000 and you're putting down 10% to 20%, you can have $18,000 as a gift on a Fannie and Freddie loan. If you're putting down less than 10%, only 3% of the purchase price can be a gift. Using the same $300,000 example, $9,000 could be a gift on a Fannie and Freddie loan. However, you need to have at least 5% of the funds as your own unless you're putting down 20% or more, in which case the entire amount can be a gift. On an FHA loan, 6% of the purchase price can be a gift, regardless of the down payment amount. So, on a $300,000 loan, $18,000 can be a gift, regardless of the down payment percentage. There are rules for the gifts. The gift giver needs to be a family member, such as a mother, father, uncle, brother, sister, cousin, or distant relative. However, it must be a family member. Additionally, the gift needs to be documented. This means that the person making the gift must provide a copy of their bank statement and proof that the gift was transferred into the recipient's bank account. This documentation is necessary because all money in a transaction needs to be sourced. While the gift giver does not have to show their bank statement to the borrower, they...
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Fannie mae Gift Letter fillable Form: What You Should Know
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