Mortgage lenders allow financial gifts to first time home buyers that can be used towards the down payment on a home. These gift funds are a valuable tool for first time home buyers and may be used for conventional loans, FHA, USDA type loans, and even VA. However, they are most commonly seen paired with conventional and FHA type loans. In fact, many first time home buyers are happy to learn that FHA gift funds can reduce their required cash to zero!
For those who don’t live and breathe real estate, it is often a mystery how Realtors are paid. Those who are buying or selling a home may wonder to themselves, “how is my real estate professional compensated for their services?” The answer and the break down are rather simple in most cases.