Gift funds cannot be used for closing costs or down payment for investment properties when using conventional loan financing.
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Answer: [tweet-start]Thinking of buying rental property? FYI, Fannie requires your own money for down payment and costs. They cannot be in the form of a gift from a family member.[tweet-end] Investment properties cannot use gift funds for the down payment or closing costs. The family member will need to be on the loan with your […]