Tuesday, June 11, 2013

Can I borrow my down payment for my loan?

You cannot borrow your down payment and repay pay it back like taking a loan.  But under FHA and Conventional programs allow relatives to give you gift money.  This gift money is not for the intention of paying it back to your relatives.  In some instance, 6-20% can be gifted to you.  In order to find out the best type of loan and these stipulations under a loan, you will need to contact an experienced mortgage broker.  We have an experienced mortgage broker we can recommend and if you are in the market for an Orlando home please contact us, we would be glad to provide you the best options.