Conventional mortgages are loans backed by Fannie Mae and Freddie Mac, which includes special low-down payment loan programs such as the HomeReady mortgage; the Conventional 97 mortgage; and, the HomePossible mortgage.
For home buyers using a conventional mortgage to finance their home, 100% of the down payment can come from a cash gift.
The lone exception is when a buyer is buying a home with either 2-, 3- or 4-units, or a home that’s a vacation home; and, the total down payment is less than twenty percent overall.
For everyone else, the cash gift of down payment can be the entirety of their down payment on the home.
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An insurance claim is an official request you make to an insurance company, asking to get paid for damages. Insurance claims can be made for any reason that’s a part of your insurance policy. When you have homeowners insurance, you can make an insurance claim after a fire in your home; after there’s been theft […]