In this context, money from friends and family are referred to as gift funds, and as long as the funds are disclosed to the lender by proper documentation, it is generally allowable on both Conventional and FHA loans. There are no limits to the amount of gift funds that you can receive towards the purchase of your home. Gift funds can be used towards closing costs, your down payment, or applied to buy down on your mortgage interest rate to make monthly payments more affordable.
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