Assets

Q.  Can gift funds be used on a Purchase of a Second Home?(5.22.13)
A. Gift funds are alllowed “AFTER” the borrower has invested 5% of their own funds into the transaction.

Q. On a 97% purchase can the borrowers receive a gift?(5.22.13)
A.  Yes, Gift funds are allowed “AFTER” the borrower has invested the 3% down payment from their own funds.

Q. Are gift funds acceptable on an Investment purchase or refinance?(5.22.13)
A. NO, gift funds are not allowed on an investment loan.