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Financing in 32701 : Real Estate Advice

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Rudy McDowell, Real Estate Pro in Bloomfield Hills, MI
Wed Mar 30, 2011
Rudy McDowell answered:
Hi, Kate. For a Conventional/Fannie Mae loan, you can typically recive up to 5% of the total sale price as a gift. However, you must have a min of 5% of your own money vested as well. For FHA and VA, there are no limits, and even your 3.5% min down payment can be gifted. With regards to the tax free portion, that's a question best answered by you and your relatives accountant(s). ... more
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