John Cobain’s Post

What are Gift Funds? Gift funds are monetary gifts from family or friends to help with your down payment. Pros: ✅ Boost Buying Power: Helps you afford a larger down payment. ✅ Reduce Loan Amount: A lower loan amount can lead to better terms and lower monthly payments. Limitations: 📜 Documentation Required: You must provide a gift letter stating the money is a gift, not a loan. 💳 Source Verification: Lenders need to verify the source of the gift funds. 🚫 Usage Limits: Some loan programs have caps on the amount that can come from gift funds. 🏠 Primary Residence Only: Typically, gift funds are allowed only for primary residences, not investment properties. Using gift funds can be a smart way to enhance your buying power. Remember, every lender has specific requirements, so it's essential to communicate with your mortgage professional and ensure all documentation is in order. This way, you can take full advantage of gift funds to boost your down payment, potentially qualify for better loan terms, and move one step closer to owning your dream home. With careful planning and the right guidance, gift funds can be a valuable tool in your homebuying journey! 🏠💖 #homegoals #firsttimehomebuyer #mortgagetips #homeowner #dreamhome #preapproval #amycline

Saving enough for a down payment is often the biggest hurdle first-time homebuyers face. To overcome this, many look to loved ones to help them fill the gap between what they need and what they have saved. Learn more about using gift funds and how to document it ➡️ https://bit.ly/46yqMVY

Saving enough for a down payment is often the biggest hurdle first-time homebuyers face. To overcome this, many look to loved ones to help them fill the gap between what they need and what they have saved. Learn more about using gift funds and how to document it ➡️ https://bit.ly/46yqMVY

Saving enough for a down payment is often the biggest hurdle first-time homebuyers face. To overcome this, many look to loved ones to help them fill the gap between what they need and what they have saved. Learn more about using gift funds and how to document it ➡️ https://bit.ly/46yqMVY

🎁 Did you know you can use gift funds to help with your home purchase? 🏡 At Total Home Lending, we understand that buying a home can sometimes feel like a financial challenge. That’s why we're here to guide you through the process of using gift funds to make your dream of homeownership a reality. How Gift Funds Work: 🎁 Who Can Gift Funds: Family members, close friends, or even fiancés can provide you with gift funds for your down payment or closing costs. A simple gift letter is needed to confirm that the funds are a true gift, not a loan. 🏠 Boost Your Down Payment: Using gift funds can help you meet down payment requirements more easily, allowing you to potentially secure better loan terms. 📋 Simple Documentation: I'll help you gather the necessary documentation and guide you through the process to ensure that everything is handled smoothly and meets lender guidelines. If you’re considering using gift funds to buy your home, reach out to me today! My team is here to make the process clear and straightforward so you can get one step closer to your dream home. 🏡✨ #GiftFunds #HomeBuying #MortgageProcess #DownPaymentAssistance 🎁

🎁 Did you know you can use gift funds to help with your home purchase? 🏡 At Total Home Lending, we understand that buying a home can sometimes feel like a financial challenge. That’s why we're here to guide you through the process of using gift funds to make your dream of homeownership a reality. How Gift Funds Work: 🎁 Who Can Gift Funds: Family members, close friends, or even fiancés can provide you with gift funds for your down payment or closing costs. A simple gift letter is needed to confirm that the funds are a true gift, not a loan. 🏠 Boost Your Down Payment: Using gift funds can help you meet down payment requirements more easily, allowing you to potentially secure better loan terms. 📋 Simple Documentation: I'll help you gather the necessary documentation and guide you through the process to ensure that everything is handled smoothly and meets lender guidelines. If you’re considering using gift funds to buy your home, reach out to me today! My team is here to make the process clear and straightforward so you can get one step closer to your dream home. 🏡✨ #GiftFunds #HomeBuying #MortgageProcess #DownPaymentAssistance 🎁

🎁 Did you know you can use gift funds to help with your home purchase? 🏡 At Total Home Lending, we understand that buying a home can sometimes feel like a financial challenge. That’s why we're here to guide you through the process of using gift funds to make your dream of homeownership a reality. How Gift Funds Work: 🎁 Who Can Gift Funds: Family members, close friends, or even fiancés can provide you with gift funds for your down payment or closing costs. A simple gift letter is needed to confirm that the funds are a true gift, not a loan. 🏠 Boost Your Down Payment: Using gift funds can help you meet down payment requirements more easily, allowing you to potentially secure better loan terms. 📋 Simple Documentation: I'll help you gather the necessary documentation and guide you through the process to ensure that everything is handled smoothly and meets lender guidelines. If you’re considering using gift funds to buy your home, reach out to me today! My team is here to make the process clear and straightforward so you can get one step closer to your dream home. 🏡✨ #GiftFunds #HomeBuying #MortgageProcess #DownPaymentAssistance 🎁

GIFT FUNDS UPDATE: Realtors, did you know that gift funds can now be used to satisfy reserve requirements? As of May 2024, new guidelines allow this for conventional loans, FHA, Jumbo, and VA loans! Here’s how gift funds can be used: - Down Payment: Including Earnest Money Deposit (EMD), Due Diligence Fees, and/or closing costs. - Paying Off Debt: To qualify for the loan. Key Points: - All gift requirements must be met. - Gift funds that need to be repaid are not allowed. If a gift check is disclosed as a loan, it cannot be changed to meet guidelines. - All other gift letter requirements must be met. This change makes homeownership more accessible, leading to more approvals and fewer rejections. Have questions? Reach out to me—I'm here to assist. Together, we’re making homeownership possible, one loan at a time! #stilleythemortgageexperience #NMLS 2461162 #ApexMortgageGroup #TimeKillsDeals #Atlantarealestate #Floridarealestate www.apexmtg.net/stilley Book time to speak with me: https://lnkd.in/gKY8ZMb4

🚨 100% Gift Funds for Home Purchases – Get into Your Dream Home Faster! 🏡 💯 100% Gift Funds Allowed: Many loan programs, including FHA & conventional loans, let you use gift funds for the entire down payment! 💸 No Personal Funds Required: Cover your down payment, closing costs, and reserves with gift funds—no personal contribution needed. 👨👩👧 Who Can Gift?: Family members, close relatives, or even approved third parties can help make homeownership a reality! ✍️ Simple Gift Letter: Just a quick letter confirming the funds are a gift, with no repayment required. 🔑 FHA Loans: 100% of the down payment can be a gift—perfect for first-time buyers! 🏠 Conventional Loans: Many options (Fannie Mae, Freddie Mac) allow 100% gift funds for primary residences. ❗ No Repayment: It’s a true gift—no strings attached!