Fannie Mae & Freddie Mac – HomePossible® & HomeReady®-Gift: Is a 3% gift of equity, used for down payment purposes, allowed on a HomeReady® or HomePossible® from an Aunt/Uncle? Gift Funds and Gifts of Equity – All Agencies – Chart

Answer: Both agencies allow gift of equity as the source of down payment for a HomeReady or Home Possible mortgage.  A lender can choose to overlay that ability, but Fannie and Freddie do not prohibit when the donor is an eligible donor.  However, the property must be a one-unit single family dwelling (Condo/PUD okay), and […]

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