Question Details

Brown, Other/Just Looking in Arizona

What are the implications if I borrow money from a family member to help me meet my closing costs?

Asked by Brown, Arizona Sat Mar 31, 2012

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Both FHA and Conventional loan products will allow gift funds for your home purchase. The gifted funds must be documented as coming from a family members bank account along with a gift letter
showing the funds do not have to be re-paid (not a loan) back to the family member.
0 votes Thank Flag Link Sat Mar 31, 2012
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