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Family Lending
Mortgage guidelines have specific rules on allowable sources of funds for down payment and closing costs. In most instances gifts from family are allowed. Gifts are money that will never be repaid. Sometimes clients ask about getting loans from family for their purchase. This blog post overviews the rules for this arrangement and copies guidelines…
Read MoreGifts
I am not a tax advisor. But many clients have questions about how gifts both affect their mortgage application and their taxes. I am happy to explain: Gift amounts There is no limit to the amount of the gift. You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…
Read MoreFederal Home Loan Bank
On 2/23/26, FHLB will be available until funds exhaust! The Federal Home Loan Bank (FHLB) program provides a $15,000-$20,000 grant or forgivable loan to be used towards down payment and closing costs. There are three programs: The Workforce Housing Grant offers a $15,000 grant, to home buyers with incomes from 80-120% of area…
Read MoreMulti-Unit 5% Down
With a conventional loan we are now able to finance primary residence multi-unit properties of 2-4 units with 5% down without income limits/caps! To put down 5-24.99%, a buyer will need to occupy one of the units for minimally one year after purchasing. Learn more Https://alexjaffe.com/occupancy If a buyer wishes to invest and not occupy…
Read MoreUnderstanding Closing Costs
There are five primary categories of closing costs: Lender fees Title Attorney costs, including title insurance Transfer taxes to local government Real Estate Agent Commission/Fee Upfront deposits for escrows and prepaids In addition to the main categories, there are going to be miscellaneous costs which vary by transaction. For instance if you are buying a…
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