It used to be FHA was the only option for a loan when the borrower was utilizing 100% gift funds.
It used to be Conventional loans required at least 3% of the borrower’s own funds.
That is no longer the case…..
Fannie Mae and PMI companies are now allowing borrower’s to use gift funds to cover all of their expenses and down payment.
They no longer require 3% of their own funds.
The main advantage to this is that you are no longer forced to go FHA if you have a 100% gift situation.
PMI on an FHA loan can be as much as 3 times higher than a conventional loan.
I’m here to help you determine the best financing option to meet your mortgage financing needs!!
Apply 24/7 www.talmerbank.com/lizschneider or 440.452.3894