It is now possible for a buyer to get a conventional loan with none of the down payment coming from their own funds. In the past, mortgage insurance companies required buyers to have at least 3% of the down payment come from their own funds, but now, the entire down payment can be a gift from a relative of the buyer.
This has always been the policy with FHA loans. Now it's possible with conventional loans, too!
Does your lender sell directly to Fannie Mae like we do, or do they have additional underwriting guidelines that prevent loans from being approved?
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