![]() No matter what type of loan you will apply for, gifted down payment funds from an eligible source can give you a leg up when qualifying for your first home mortgage. In fact, FHA gift funds can reduce the buyer’s required cash to zero. Buyers can use a gift for conventional loans, as well as FHA, USDA and VA. If you are looking for a first-time home buyer program, explore the possibility of receiving a downpayment gift. Check your eligibility to use gift funds to buy a home (Oct 2nd, 2021) Yet, first-timers are usually the ones who benefit the most from this lending guideline. Gift funds are a valuable tool for first-time home buyers and repeat buyers alike. One thing you should know as a first-time or repeat home buyer is that mortgage lenders allow financial gifts to be used toward the down payment on a house.
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