Only assets derived from acceptable sources are allowed for down payment, closing costs and cash reserves*
Minimum down payment required is based on credit the score , the occupancy and the property type.
Below is a look at the standard down payment requirements for agency loans.
Jumbo (non-conforming) and portfolio lending have different requirements.
|Buyer's own funds: checking, savings, retirement,investments and cash on hand.|
|Loans against financial assets such as other real estate, retirement and investment accounts and other depository accounts.|
|Proceeds from the sale of real estate and other personal property.|
|Gift funds: must be from a family member, employer, government agency or charitable organization. A gift letter must be signed by the donor and the transfer of the funds must be documented.|