UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: chris281 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127472  
Subject: Applying for a home loan Date: 9/8/2004 1:32 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I'm in the process of looking for my first home. I've found a new housing development that I like, that requires you to use their lender. With a 20% down payment, I qualify for a loan. I plan to come up with 10%, while borrowing 10% from my Mom. The lender requires, however, that "the maximum combined gift funds received per household may not exceed loan closing costs and two months housing reserves as required by lender."

My question is: Will money from my Mom be considered a gift if she is not on the loan? What would be the best way for my Mom to give me the money so as to qualify for the loan?

Thanks in advance for any help.

Chris
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement