The amount that a seller can pay toward a buyer’s closing costs depends upon the type of loan that a buyer is using and the intended occupancy of the property. The same holds true for the amount of money a buyer may receive in the form of a gift from someone toward down payment and/or closing costs.
Closing Cost and Gift Limits by Loan Type
Each product has specific guidelines regulating who the donor of the gift funds must be. Contact us for more information.
**Gifts are not allowed on investment purchases
***This is based on new Conventional Loan guideline changes effective 07/2011
+ Certain scenarios do allow the use of gift funds for reserve requirements – ask Jeremy for more details
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com