Fannie Mae allows a “gift of equity” from a relative for down payment and closing costs. The relative receiving the gift of equity does not need any funds of their own when buying a one-unit property!
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Answer: [tweet-start]Fannie will allow a gift of equity from a relative for down payment and closing costs.[tweet-end] See rules below from Fannie Mae selling guide. It appears to show that this would be acceptable. Some lenders may overlay this Fannie Mae ability. Check around to make sure the lender you work for or use for […]