Using Gift Funds With A Veterans Home Loan

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• Publié par: garydavidwilliams
• Publié le: 04 août 2016
• Nombre de lectures: 0
• Langue: English

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When a veteran decides to purchase a home, they will often
try to obtain a VA home loan. These loans are designed to
provide veterans with a number of benefits.Although no down payment is required, in some situations,
a veteran may still want to provide a down payment to
bring down the loan amount and house payments.They may use something known as gift funds. This is
money a person may give a person with no strings attached.RULESIf a person puts down 20%
or more of the down payment
for their mortgage, the entire amount
can be from a gift fund.If less than 20% of the money
for the down payment is from
a gift fund, the rest of the down
payment must come directly from
the veteran.
The minimum contribution will vary.Gift funds are only permitted
to be used when purchasing
a primary residence as well
as a second home.
It cannot be used to purchase
any type of investment property.REQUIREMENTS