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Not sure what you are referring to, but if it's relatives giving down payment, that can be done. Just closed a sale where parents gave DP to daughter on conventional loan.
Right, what I'm saying is I don't know how that seller gave the DP?
I don't know how you did that, even in the "old" days.
They were conventional loans too. One was $30k about 15 years ago in Michigan. I don't remember the lender but a big name,
The second was in 2007 for $90k with Washington Mutual (a large S&L that has since been swallowed by Chase).
In both cases, they accepted the letter. They recommended writing it as a gift letter. I submitted my wording instead and they accepted with no argument.
Not sure what you are referring to, but if it's relatives giving down payment, that can be done. Just closed a sale where parents gave DP to daughter on conventional loan.
Relatives are a different deal. They have always been able to gift funds.
They were conventional loans too. One was $30k about 15 years ago in Michigan. I don't remember the lender but a big name,
The second was in 2007 for $90k with Washington Mutual (a large S&L that has since been swallowed by Chase).
I can see WaMu doing that. Their lending guidelines were on par with Countrywide. They probably wrote that you were a relative or friend or something before they securitized the loan...
I can see WaMu doing that. Their lending guidelines were on par with Countrywide. They probably wrote that you were a relative or friend or something before they securitized the loan...
I neglected to state that, the first was to my brother and the second was to my son so they were made to relatives. I didn't realize that made the difference or I would have stated that up front. Sorry about that.
I neglected to state that, the first was to my brother and the second was to my son so they were made to relatives. I didn't realize that made the difference or I would have stated that up front. Sorry about that.
Yes, it does answer that. You can gift to a relative but not to Joe Schmo Buyer.
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