A lot of people when they're buying their house especially first house obtain gift money for the down payment or for some of the closing costs gifts are allowed on all types of loans and the different loans have different requirements for example if you're putting down 20% on a conventional loan a Fannie Mae and Freddie Mac loan all of that money can be a gift while if you're putting down 10% or more between 10 and 20% that is you can have 6% of the money be a gift 6% of the purchase price so if your purchase price is 300,000 and you're putting down 10% 10 to 20% you can have $18,000 be gifts on a Fannie and Freddie loan if you're putting down less than 10% only 3% of the purchase price can be a gift so again using the same $300,000 example $9,000 could be a gift if you're putting down less than 10% and on a Fannie and Freddie loan you need at least 5% of the funds to be your own again unless you're putting down 20% or more in which case it can all be a gift on a on an FHA loan though 6% of the purchase price can be a gift so again on the same three hundred thousand dollar loan no matter what you're putting down eighteen thousand dollars of the purchase price can be a gift now there are rules for the gifts first of all the gift giver needs to be a family member generally it is a mother father and uncle brother sister it doesn't have to be it can be a cousin it can be a distant relative but it does have to be a family member in addition the money that's given as a...
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Fannie mae Gift Letter fillable Form: What You Should Know
Statement shall be provided upon request in advance of the first payroll. (Please contact the Labor Relations Department, ), or if after receipt, shall be filed with the first certified payroll. I hereby certify under penalty of perjury that I am a member of the Fringe Benefit Commission, and I hereby authorize the foregoing to be done for me and my spouse, child or dependent in any year or months, if the year or months of the above are counted as months of employment. I, the undersigned, make my signature on this form under penalty of perjury, and I understand the probate and other legal requirements under which it is to be executed. I also certify that this form is the only one that has been submitted to the Labor Relations Department for payment of the fringe benefits stated above. I declare this form to be correct or correct and complete. (Signature) Note: This is a one-page form. When completed, it must be reviewed prior to a final determination of eligibility to receive benefits by the Labor Relations Department. The form must then be scanned in to the system with the date and signatures attached. If you have any queries or difficulties with this application please contact the following department listed below... Office of Labor Relations (Office/Firm name) Office of Labor Relations (Location/City) Office of Labor Relations (Business/Address) Labor Relations (Customer Contact Information) Note: If you can read this the form is correct and complete Note: If the application was submitted to the Office of Labor Relations for payment, you must have provided the appropriate forms.
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