Only assets derived from acceptable sources are allowed for down payment and closing costs.
No down payment is required if:
Real estate and mortgage transactions have fees associated with them, regardless of the type of financing involved.
The amounts charged will vary depending on the location of the property, the time of the year the loan closes and the fees charged by 3rd party providers.
|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.|
**Interested party contriubutions include credits from the Seller, real estate agents, builders and developers that are applied to closing costs and other transactions fees are limited to 6% of the sales price.