Using Gifted Funds Toward Your Home Purchase

Using Gifted Funds Toward Your Home Purchase

When purchasing a home, the borrower typically needs to have adequate liquid funds to cover the required down payment, closing costs and reserves. Fortunately, a borrower’s lack of funds does not preclude him or her from moving forward with the purchase. There are several allowed alternative sources of funds: Gift funds from allowed individuals; Gift…

Home Buying After a Short Sale

Home Buying After a Short Sale

A preforeclosure sale, commonly referred to as a short sale, is the sale of a residential property in lieu of foreclosure for an amount less than what is owed on the mortgage. It’s one of those scenarios that should be stringently avoided, but nonetheless became more common after the economic downturn of the late 2000s….