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Financing in 95110 : Real Estate Advice

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Activity 2
Wed Mar 10, 2010
Rebekah Owen, Broker answered:
Army Guy

It's not about co-signing. Even in a co-sign situation the primary occupant has to qualify for 100% of the loan.

There is a Cal-Vet program. It allows for gift monies, higher purchase prices than regular VA and low interest rates. I have a great lender in San Jose if you need the hook up.

Rebekah Owen, MBA
Managing Broker
650-492-5958 214-257-0193
CA#00994952. TX#0555675
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Mon Jan 18, 2010
Kevin Tran answered:
Nicholas is right. Everyone is making this more complicated than it has to be.

Your parents, US Citizen, foreign nationals, whatever... does not matter. They can simply gift the funds to you for the downpayment, as long as 5% of the downpayment comes from your own pocket. That's it...

At Wells Fargo, as long as the funds are gifted prior to the application, then we just need the gift letter. If the gifts were given after the start of the application, then we need a letter from the bank that the funds come from and documentations that the funds were transferred into your account. Of course, every bank does it a little different.

Hope that helps!
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