Seasoned Funds Only?

NEW -> Contingent Buyer Assistance Program
SoCal78_IHB

SoCal78_IHB

New member
I am wondering if lending standards have reverted back to the old way yet of a buyer having to show that their down payment comes from seasoned funds. I think I read that gift money may still be acceptable for an FHA loan but how is it otherwise? (Tried the search and didn't see anything) Any info is appreciated.
 
FHA 100% Gift A-OK

Conforming - 80.01% loan to value or higher - 5% of down must come from borrowers own seasoned funds (60 days)

Conforming 80.0% Loan to value or lower - 100% gift A-OK



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I think the seasoning has been required since '07. When we bought the Paso house in late '07 we had to show two months were of bank statements and same thing with this house in spring of '08.
 
[quote author="Soylent Green Is People" date=1244598649]FHA 100% Gift A-OK

Conforming - 80.01% or less down, 5% of down must come from borrowers own seasoned funds (60 days)

Conforming 80.0% or more down, 100% gift A-OK



Tuesday is Soylent Green Day.



My 02c



Soylent Green Is People.</blockquote>


I think you mean 20% down in both cases as opposed to 80%.
 
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