I am putting 10% down on a home which amounts to $20,800. How much of that can be gifted on a conventional loan?

Asked by Wondering, Queen Creek, AZ Tue Mar 29, 2011

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9
Carl Henker, , 95928
Tue Mar 29, 2011
On a conventional loan you must have 5% of you own funds for the down on anything less than 20%. On 10% down 5% gift - 5% own funds, 15% down 10% gift - 5% your own funds, 20% down all gift. On an FHA loan your entire down may be in the form of a gift.
1 vote
Investor X, , Gilbert, AZ
Sat Aug 6, 2011
What do you mean by gifted? Where you suppose to get an all expenses paid vacation to Hawaii and a new 2011 Corvette with the new home purchase? Or maybe the realtor was to offer a thank you gift for buying the foreclosure in QC?

Wait I have the answer. 10% down and the gift is 90% loan from the bank?

Investor Mike
0 votes
Rebecca Kall…, , Queen Creek, AZ
Wed Mar 30, 2011
HI wondering in QC. I am a resident as well as an agent in out here, and I have to agree with Carl, but there are some great programs out there for buyers, so please get with a great lender. I work with one I would love to refer you to, who saves clients money and gets the best mortgage available. Please feel free to call or email me with any questions you might have, I would love to work with you to find the perfect home!

Rebecca Kallhoff
ur_az_realestate@yahoo.com
480-275-9566
Desert 2 Mountain Realty
0 votes
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Tue Mar 29, 2011
Hi, Wondering. Carl's answer is spot on.
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Tue Mar 29, 2011
Don't forget that gifts are potentially taxable at the federal level.
See http://www.irs.gov/businesses/small/article/0,,id=164872,00.html

Loren Hoboy
0 votes
Melissa Bark…, Agent, Washington, DC
Tue Mar 29, 2011
It would be best that you talk to your lender or a lender for the correct advice.

Good luck!
Web Reference:  http://www.wdcmetroagent.com
0 votes
Doug McVinua, Agent, Gilbert, AZ
Tue Mar 29, 2011
Hopefully a lender or two will comment but I'm going to guess that 0% can be gifted on conventional. If you go FHA then your options expand for gifting.

Would you like a referral to a good quality lender to discuss this with? Glad to connect you with one I have over 10 years of experience with.

Arizona Homes for Sale by a Guy from Iowa
Web Reference:  http://www.McVinua.com
0 votes
Stephanie Sa…, Agent, Queen Creek, AZ
Tue Mar 29, 2011
Hi

I sell Queen Creek - Each Loan program is different so you are best to speak with your lender or who you have been pre- qualified with for your home !

Best Wishes !
Arizona Cash Back Brokerage
0 votes
Tony McMahon, Agent, WHITE PLAINS, MD
Tue Mar 29, 2011
It would be best to speak to your loan officer concerning the specific guidlines.
0 votes
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