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Were can Gift Funds come from? The Seller, Lender or other Interested Party? |
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A gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them. Gifts from these sources are considered inducements to purchase and must be subtracted from the sales price for mortgage calculation purposes.
The exceptions to this rule are:
1. When parents are the sellers.
2. When the real estate agent is a relative.
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