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Video instructions and help with filling out and completing fannie mae gift guidelines 2021
Hi my name is Alex Carly with Dustin Shaw associates good to talk to you about gift funds how do you make up no money in your bank and you want to buy a house and you don't even think that you can do it well you can you can use gift funds gift funds are funds that you get a gift from a family member and it has to be a family member it can't be a friend it has to be a family member so make sure you fill out on the gift form that we sent you that it's a family number who they are how they're related to you and cousins are not eligible uncles stepbrothers father-in-law's are eligible but cousins are not so obviously a mother father brother sister but no cousins but in-laws and work so how you to give funds so if you've got decent credit and you need gift funds for your down payment and your closing cost the desktop under it will probably approve you with a hundred percent gift funds I have started noticing that fake Jay's got a little stricter on like six six ten credit score and all gift funds it doesn't give you an approval interval they may download you to a manual underwrite and a manual under it requires in most cases reserve money in your bank and gift funds can not be used for reserves remember that you've got to have your own money when it comes to reserves so if you do need some of your own money and we desktop underwrite you only figure out that if you have three thousand of your own but the rest is gifted to you then you're gonna have the same three thousand of your own money from your paychecks and then the rest can be gifted to you so using gift funds is great not always you know getting you improve ology but almost you got to be careful that you actually get it % gift funds you know the gift funds can be used for your down payment and your closing costs again not for any reserves there's any reserve requirement requirement Senor in your long it has to be your own money gift funds can be used to pay off debt so if you're going to pay off your car to qualify you can get a gift for that and pay off your dad and this goes along with conventional - so conventional has the same rules you can get a hundred percent gift for the down payment and you don't have to sync it for the closing cost and you get a gift to pay off your debt if there's a new reserve requirements on conventional they're gonna ask for it to be your money for reserves so that's how give funds work jumbo you can do gift funds if you do 20% down and a hundred percent of the give of.