#downpayment #closingcosts #homebuyers
Gift funds or a Gift of Equity is a great way for you to get in with little or none of your own money out of pocket. Using Gift Funds or a Gift of Equity is allowed when using a FHA home loan.
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In this video, I unpack FHA Home Loan guidelines about using Gift Funds or a Gift of Equity.
This is the fourth in a series of 5 videos published in a row. There are other options, and the guidelines for these other agencies are also different.
The other videos look at the Gift Fund and Gift of Equity guidelines for Fannie Mae, Freddie Mac, VA, and USDA.
A common mistake that inexperienced or lazy loan officers make is quoting you the guidelines for one agency type when another option is available.
If you're starting your homeownership journey, I recommend you watch all 5 videos, or at least Fannie, Freddie, and FHA, so that you know how each treats a gift to help cover down payment and closing costs.
If you have questions or comments, I will answer all comments below. If you would like to connect with a loan officer that I can vouch for to answer your questions, you can find someone to help at findmywayhome.com
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