When using a gift, Fannie Mae requires the lender to establish that the donor has sufficient funds to cover the amount of the gift, in addition to the “paper trail” of the gift from the donor to the borrower. Getting this right is what we do and can save your clients time and effort. Call me 1st.
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Answer: [tweet-start]Gifts are great when buying a home. Yet they are even better when the lender knows what to do to avoid a closing delay. Call me![tweet-end] We have highlighted the information from the guidelines below. Reference: B3-4.3-04, Personal Gifts (09/29/2015) Introduction This topic contains information on personal gifts, including: Gift Funds Acceptable Donors Minimum […]