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is there a max allowable amount for down payment cash gifts?

i am looking at $200 K range properties and have about 7K in gift monies. thank you by linda_prycemetskg... from Wilmington, North Carolina. Feb 20th 2014 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,619 contributions

There is no limit on how much a gift can be, including gift of equity if your purchasing from a relative, however there might be a loan to value restriction depending on the exact scenario. 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

Feb 21st 2014
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The answer will be dictated by the loan type you are seeking, I.e.; FHA versus Conventional.

Feb 20th 2014
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Drew Edwards (DrewEdwards)
#81 ranked lender in Virginia - 6 contributions

No, you can receive a gift for any amount, but who you receive the gift from makes a difference depending on the type of loan.www.VirginiaCarolinaHomeLoans.comdedwards@farmersbankvamortgage.com

Feb 20th 2014
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Natalya Hill (natalyahill)
#54 ranked lender in North Carolina - 11 contributions

Hi Linda, I will be glad to explain the different options available to you in detail. You can reach me at 919-614-0388 or natalya.hill@hgfloans.com. Different loan programs have different guidelines for Gift Funds. The amount of 7k is fine We will provide you with Gift Letter to complete/sign. Look forward to talking to you. Blessings,Natalya

Feb 21st 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Hi Linda, For FHA, the gift must come from one of the following: 1) the borrower's relative2) the borrower's employer or labor union3) a close friend with a clearly defined and documented interest in theborrower4) a charitable organization5) a governmental agency or public entity that has a program providing homeownership assistance to low- and moderate-income families, or first-time homebuyers. There is no limit to the amount the gift may be. For conventional loans the donor requirements are similar and there is also no limit to the gift as long as you are contributing at least 5% of your own money as down payment. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Feb 21st 2014
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Joe Metzler (JoeMetzler)
#19 ranked lender in Minnesota - 3,876 contributions

There is not a maximum... but there are various rules depending on the loan type. Contact a local mortgage broker for more information. www.TwinCityHomeLoans.com

Feb 21st 2014
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