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If you are going to purchase a home, the most important thing is that you need to prepare a down payment for your loan. However, it is not always easy for people who purchase a home for the first time to have a considerable down payment.
In many cases, people rely on money that was gifted to them to help make the down payment. For younger home-buyers, getting financial gifts from family members or friends is often the most common.
However, the lenders has strict rules regarding the transfer of cash for a home purchase. From QM(Qualified Mortgage) loans to Non-QM(Qualified Mortgage) loans and everything in between, not following the rules can hurt your home-buying dream. So we should prepare our gift amount according to the lenders requirements.
So what鈥檚 the maximum gift amount for Non-QM loan? Sometimes we may confused by the gift amount. Underwriters may have different ideas case by case, and here are some specific answers that can help you.
脴 The amount of maximum gift depends on the borrower鈥檚 identity
脴 If the borrower is a U.S citizen, permanent residential alien or non-permanent residential alien with EAD card, then except reserves with his own money, full down payment could be gift!
脴 If the borrower is a foreigner or just with ITIN, then at least 50% down payment and reserves must be his own money. So the rest of the money could be gift.
So you see, gift for non-QM loan is really loose. That means you will have more access to qualify the loan! If you have needs in this area, don鈥檛 hesitate to connect with us. With professional skills, we are willing to help you achieve your goals!
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