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First time home buyer. Down payment!

I am a first time home buyer and we found the home that we would love to live in and can actually afford, my credit is a 720. The only problem is we can't afford the down payment right now because of of living situation. I could possibly get the money for the down payment as a gift but the loan officer said the money had to sit in my account for atleast 2 months! I really like this house and don't want to lose it because I have to wait! Is there any other options? I'm at a loss and it's really stressful! Any help is appreciated! Thank you!Kayla. (Mishawaka, IN) by kmarie2994710 from Farmington, Michigan. Jun 4th 2015 Reply


We can help you all day long! Please give me a call in the AM. Joshua Nawrot, Northern Mortgage. 616-581-0540.

Jun 4th 2015
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We have the home buyer advantage program where all funds can be gifts on a conventional loan. I manange our branch in Brighton. You can call my cell at.734-417-2115. Victor Bals

Jun 4th 2015
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We have a program that we don't even need bank statements of the donor giving gift. Call me. Sharon at Wall Street lending corp at 586 726 8478

Jun 4th 2015
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KAYLATHAT IS NOT CORRECT - gift finds do not have to be in your account for two monthsIf you want to speak about it further - please call tomorrow at 248-901-1700 x 201Kindest RegardsKeith H Lewis

Jun 4th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

FHA allows for down payments to be gifted so long as the donor is willing to sign a document stating that it is a gift and not subject to repayment, and they must provide documentation showing the gift funds coming from their account. Also, the donor must be a relative or lifelong friend. For non gift funds to be applied as mortgage down payment, then those funds must be in your account for 2 months.. if they are in your account for less than 2 months, then the lender will require you prove the source of those funds.. So for example, if you sold a car and deposited the funds into your account last week, then so long as you provide a copy of a title and bill of sale as well as a valuation report (Kelly blue book print out) then those funds would be allowable. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 4th 2015
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 519 contributions

Hi kmarie - a lot of lenders have an additional loan restriction of not allowing gift money for a transaction. Union Home Mortgage doesn not have such a restriction. If you give me a call I can review your situation and determine if getting a gift is the best solution or if you qualify for a zero down loan or a Down Payment Assistance program. You likely have multiple options. I can't tell if you are in Farminton Michigan or Mishawaka Indiana. If you give me a call, I'd love to help. Mike Silkworth - Senior Loan Officer - Union Home Mortgage (517) 489-2328. If you are in Indiana - I have a GREAT partner that is very well versed at help you you choose the best loan for you.

Jun 5th 2015
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Jack Cyrul (Jack Cyrul)
#1 ranked lender in Michigan - 92 contributions

There is no waiting period for money to settle in your account from gift funds. For a free pre-qualification call Jack at 734-395-9027

Jun 5th 2015
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Mike, I'm in Mishawaka, IN. It wouldn't let me change the location. What is your partners name?

Jun 5th 2015
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Mike Silkworth (msilkw_195_870)
#30 ranked lender in Michigan - 519 contributions

My partners name is Melissa Stone in Warsaw Indiana. She is awesome, you will love her. She is an expert at structuing loans to meet your personal financial goals. Her number is: (574) 376-2552 and if you follow this link, you can go directly to her web site. (https://www.unionhomemortgage.com/loan-branch-location/warsaw-indiana/melissa-stone#profile-officer_profile) Good luck with your home purchase. = Mike

Jun 5th 2015
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