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.
A gift can be provided by:
Great News for Prospective Co-op Buyers in Westchester County, NY
On December 14, 2018, County Executive George Latimer signed the Cooperative Transparency Bill. Chapter 700 of the Laws of Westchester County has been amended to include a new section--section700-21a. The complete law, committee comments, and text can be found at: https://bit.ly/2FsPbVf. The law shall become effective immediately.
What does this mean for the Prospective Co-op Buyers in Westchester County, NY?
Under this new legislation the Co-op Boards will have to follow specific timelines when they receive a new application for a prospective buyer into their co-op.
Here’s what I believe will have the most impact for the Prospective Co-op Buyers in Westchester County, NY
If the application is rejected then a copy of the rejection notice must be sent to the Human Rights Commission. The Commission will have the power to investigate instances of discrimination.