GREAT NEWS FROM FANNIE MAE!
Fannie Mae will now let you receive gift funds for your down payment. In the past, the you needed 5% of your own funds.
One to four unit principal residence or second home when the LTV, CLTV or HCLTV ratio is 80% or less
A minimum borrower contribution from the borrower's own funds is not required. All funds needed to complete the transaction can come come from a gift.
One unit principal residence (except for high balance mortgage loans) when the LTV, CLTV or HCLTV ratio is greater than 80%
A minimum borrower conribution from the borrower's own funds is not required. All funds needed to complete the transaction can come from a gift.
These rules do not apply to a two to four unit principal residence or second home or a high-balance mortgage.
