#TwoforTuesday – DU is being updated this coming weekend and we discuss a commonly asked question about Interested Party Contributions. The loan limits have been increased in 2018, are you promoting that? And this weekend DU Updates to programming will install the final programming for FHA loan limits and VA loan limits will be programmed. Great to know. Something like 3000 counties went up this year in loan limit and shouldn’t affect any DU approvals, but if you were waiting for official time to run it, Monday will be it. Second, Interested Party Contributions seems to be a commonly asked question regards to RE Agents or other parties in a transaction giving gifts. Or contributions to the borrower in other words. Well if you are involved in the transaction on the RE side, Fannie Mae doesn’t like it. So builders, this includes you. This includes developers and Real Estate Agents as well.
For example, the borrowers Mother is a RE Agent on the home being sold, and they want to gift a down payment monies to their son. Can’t do it. Just know these rules on Interested Party Contributions as there is a line that can’t be crossed.
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