So, while Fannie Mae was on board with allowing people to use gift funds for down payment this fall for Conventional mortgages. The PMI companies have now transitioned as well. So what this means is that if you are buying a primary residence 1-Unit (only, not rental property either) then you no longer need the first 5% to be your own funds. This is great news for those with good credit and conservative debt, but maybe lacking down payment funds! Talk to us about this, because the different PMI companies have different tolerance levels and requirements (separate from Fannie Mae).
Ray Williams (@MtgMaestro)
The Mortgage Maestro Group