Tag: gift

Fannie Mae – DU/DO Release Notes DU Version 11.0 – Dated February 10, 2021 – Effective March 13, 2021

Written by: Lloyd Rutherford, Staff Writer Wow!!  Fannie Mae is dropping the hint that DU approvals and conditions may vary by lender. So, who you work for may help or harm you!  Read this article to find out more. Rule Synopsis: Fannie Mae will be releasing DU Version 11.0 – the newest DO/DU Version to […]

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Gift of Equity from a Trust

Question: My client is purchasing a property from an Irrevocable Trust that he is named in.  Is the trust permitted to offer him a gift of equity for the purchase? MC Chart – Gifts & Gifts of Equity Answer: Trusts and/or estates are not eligible gift donors and must come from individuals only. This is […]

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Is a Godparent an Acceptable Gift Donor?

Question: Can a Godfather provide a gift or gift of equity? Answer: I don’t see how this would be an acceptable gift donor as a godparent is not considered a relative, unless they are actually related. However, from the sound of your question, it doesn’t sound like they are a related godparent. Godparents are a […]

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FHA – Real Estate Agent is “Best Friend” and Wants to “Gift” Commission

Question: My borrower’s best friend is the real estate agent that sold her the property. The Realtor would like to gift part of their commission to the borrower.  Is this allowed? Gift Funds & Gifts of Equity – Chart, We Are Family – How FHA Defines a Family Member – MTP™ Answer: Unfortunately, only a […]

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Fannie Mae’s Top FAQs – NEW MTP™ – What is The Difference Between a Second Home and Investment Property?

Written by: Lloyd Rutherford, Staff Writer FAQs published by Fannie Mae are a great way to learn a lot in a quick period of time. Read through this latest FAQ release and pick up some great tips! Rule Synopsis: Fannie Mae updated their top trending questions. Fannie Mae also updated their FAQ for Homeownership Education […]

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