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Flexibility with Gift Money on Jumbo Loans

Although any buyer looking to purchase a $2,500,000 home may be aptly considered "well-heeled," that doesn't necessarily mean they have a spare $500,000 to put toward their down payment. We often see the need to include a gift fund contribution from a family member or life partner. But every loan has requirements for gift money acceptability, and this is especially so in the realm of jumbo finance. In fact, many jumbo loans do not permit gift money of any kind.

Fortunately, we have a competitive jumbo product that provides great flexibility with the use of gift funds on loans as high as $2,000,000. The gift money must be sourced from an eligible donor, who should be a relative, guardian, fiancé, fiancée, or domestic partner. Here is a bit more information on this loan product:

  • 100% gift funds allowed on loans to $2,000,000 with at least 20% down.
  • Donor is NOT required to provide any bank statements as long as the gift money originates from a US account.
  • Gift funds originating outside USA require 2 months' statements and translations, if necessary.
  • For primary residences and second homes.
  • Interest only option is available.
  • 5, 7, and 10-year fixed ARMs as well as 30-year fixed loans.
  • Gift money cannot be used in support of loan reserve requirements.

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