Fannie Mae homepath loan down payment?
I am wondering with a Fannie Mae homepath loan if you can have the down payment gifted by family member? Lender told us we would require 5% down payment to qualify for this loan but we told him before we would be getting gift from family. He didn't say whether this would be ok for this type of loan, he only acknowledged it for FHA. So does anyone know if you can have the full 5% down payment and closing costs gifted from family for homepath loan? We have bank statement that shows gift funds and copy of the check. Family member agreed to signing a gift letter.
- liveinmdLv 59 years agoFavorite Answer
Yes, Fannie Mae allows the entire down payment to be gifted on the Home Path program. The link below is to the Fannie page regarding Home PathSource(s): http://www.homepath.com/financing/index.html
- oncaleLv 43 years ago
Homepath is a fantastically good mortgage option with minimum down charge, ultimate fee suggestions and the lender will waive issues like an appraisal which usually fee your cash. maximum mortgage banks and brokers furnish those loans so attempt procuring around. additionally in case you bypass to the Fannie Mae web site, you will discover some materials.