Quantum Mortgage - Real Estate News and Updates

A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements.

ACCEPTABLE DONORS

A gift can be provided by:

1. Relative, defined as the borrower’s spouse, child or other dependent or by any other individual who is related to the borrower by blood, marriage, adoption or legal guardianship.
2. Fiancé, fiancée or domestic partner *
3. Domestic Partner: An unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner and intents to occupy the security property with the primary wage earner.
4. The donor may not be or have any affiliation with, the builder, the developer, the real estate agent or any other interested party to the transaction.

Are you looking to save your money in order to buy a house? You're not alone! Many prospective homeowners are looking for ways to help them save money fast in order for them to move into their new house. 

In the article, "10 Creative Ways to Save Money" the author Stefanie O'Connell discusses the different ways that people are saving money and how they can improve their savings games. This includes the basic ideas like saving your change or down-loading an app that automatically rounds up any purchase and transfers that money into your savings account. More advanced ideas includes savings automation and turning old payments into new savings contributions. 

These ideas may not be the most exciting and they are definitely not ground-breaking savings ideas however, it provides you with options. Saving up for a down-payment is not easy, it takes commitment and hard-work to make sure that any excess income  is being put away for a future life-long investment. 

If you are looking to become a future home-owner and need to speak with a mortgage professional, please call us at 914-287-2405.

If you would like to read the full article click here.