FHA will allow a borrower to document a “close friend” relationship for gift funds. However, Fannie and Freddie require the gift provider to be a relative. Call me for further details.
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Answer: [tweet-start]Gift funds received on Fannie and Freddie loans are more restrictive than FHA Contact me for details![tweet-end] Unlike FHA, which allows for a “close friend”, the gift requirements for Fannie are below and do not include “close friend” as an approved donor. Freddie is essentially the same as Fannie. A gift can be provided […]