Sentences with phrase «amount of the down payment gift»
And remember to tell the lender the total amount of the down payment gift when it comes up, rather than the percentage of the whole mortgage it constitutes.
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The down payment assistance is in the form of a gift and is based on a percentage of the total first mortgage loan amount.
Size restrictions: NO; borrowers can receive any amount of down payment as a gift (minimum down payment requirement is 3.5 % of the sales price).
Regardless of the amount of your down payment, at least 5 % of it must be from your own cash resources or a gift from a family member.
Most lenders will have have no issue with counting an equity gift as down - payment and since the difference between value and mortgage amount is more than 20 % of value you likely won't need any cash for down - payment.
They can receive the full amount as a gift from a family member or in the form of any city / county / state / federal down payment assistance.
The cash gift should also be accompanied by a «gift letter» which states the parties involved and their relationship; the amount of the cash gift for down payment; and a statement that the gift is not actually a loan.
In other words, the amount of the gift or down payment assistance can not be a second loan.