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ballybrad4545
22 Posts |
 Posted - 05/15/2008 : 9:07:47 PM
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Im in Texas and Im trying to structure a conventional to fha refinance and im having problems verifying reserves. My question is on a rate and term refi can I use gift funds from a family memeber to cover the cash to close?
Sorry if this is a dumb question. |
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kalee3415
190 Posts |
Posted - 05/15/2008 : 9:30:35 PM
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If your appraised value has you bringing cash or reserves are the difference between an approve and a refer it is absolutley fine to get a gift from family.
In the last month I have had 2 FHA refis with substantial cash to close. One was $13,000 but bringing them out of an arm and saving $500 per month. The other was $7200 to close also out of an ARM and saving them $250 per month. Both recieved large gifts from parents.
quote:
Originally posted by ballybrad4545
Im in Texas and Im trying to structure a conventional to fha refinance and im having problems verifying reserves. My question is on a rate and term refi can I use gift funds from a family memeber to cover the cash to close?
Sorry if this is a dumb question.
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