Did you know that a “gift of equity” is allowed for the borrower’s down payment on the HomePossible® and HomeReady® program? This means that qualified family members can give part of their equity to the family member buying their home. Contact me for the details!
Related Article Title: 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 […]