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canesf12
156 Posts |
 Posted - 04/01/2008 : 5:40:47 PM
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my customer recieved a 20k gift. they are purchasing 130k attached SFR PUD. loan amount is 117k(90%ltv) all the money down is a gift from his parents that he has lived with for the last 5 years. credit score is 700. he does not have 5% in the transaction.
I know that if a gift is 20% down the whole thing can be a gift but less then 20% buyer needs 5% of his own funds. that is not the case with all lenders. some are the whole thing can be a gift if it is from a relative. |
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www.johnreiher.c
512 Posts |
Posted - 04/01/2008 : 6:16:20 PM
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how about FHA? otherwise, I need to be at 80% to allow 100% gift.
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canesf12
156 Posts |
Posted - 04/01/2008 : 6:33:57 PM
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| I am not FHA approved |
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lenderep
2702 Posts |
Posted - 04/02/2008 : 07:24:39 AM
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| I can help you out with a subprime product......need a balance only VOD on 1 and a VOD with seasoned funds for 30 days on the other. Either way, let me know what state and I will see what I can do....thanks |
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