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Can a borrower accept “gifted funds” as part of the home loan transaction?
From Fannie Mae on December 4, 2019:
A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements below. Gifts are not allowed on an investment property.
Who are acceptable donors?
Please click here to read all of the “personal gifting” guidelines from Fannie Mae.