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Video instructions and help with filling out and completing fannie mae gift letter fillable
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 gift needs to be documented so what that means is the person who is making the gift has to pra copy of their bank statement as well as proof that the gift was transferred from the bank statement into your bank account now the reason that is is all money in a transaction has to be sourced oftentimes people who are making a gift don't want to show you their bank statement well they don't have to show it to the borrower but they do have to prit to the lender so if anyone's making a gift they should be prepared prtheir bank statement and proof of the transfer of the funds other than that gives our main all the time they're allowed and it's very useful to some people who need the money for down payment if anyone has an interesting story about how they got a gift or something they went through with their lender I'd love to hear about it and you can reach me at the address set forth below which is tea Slough Bennet classic llc.com or you can call me at nine one seven five seven five six nine seven.