• Search for your dream home

    Our tools can help you find the house you've been looking for and our team will help with lending options.

    Find a Home
  • A fresh approach to residential mortgage lending.

    We utilize only the most recent technology and best possible practices to ensure your time working with us is as efficient as possible.

    Get Started
  • Getting your mortgage loan just got easier

    We do all the work so you don't have to.

    Contact Us
  • Your perfect home is only a few clicks away

    Secure the home loan you need now. Use our convenient online loan application.

    Apply Now

Conventional Loans Using Gift Funds

Posted on January 31, 2014 by Ray Williams (NMLS #216267).

So, while Fannie Mae was on board with allowing people to use gift funds for down payment this fall for Conventional mortgages. The PMI companies have now transitioned as well. So what this means is that if you are buying a primary residence 1-Unit (only, not rental property either) then you no longer need the first 5% to be your own funds. This is great news for those with good credit and conservative debt, but maybe lacking down payment funds! Talk to us about this, because the different PMI companies have different tolerance levels and requirements (separate from Fannie Mae).

Ray Williams (@MtgMaestro)
Branch Manager
The Mortgage Maestro Group
@Summit Mortgage

Leave a Reply

Your email address will not be published. Required fields are marked *