On this week’s Mortgage Monday video show, Jim Cardinal and Alexis Meeks discuss the implications of receiving a mortgage down payment gift.
If you’re receiving a mortgage down payment gift, it doesn’t mean you have to use a FHA Loan. Choosing a conventional loan is fine; however, you must still meet the minimum 3% mortgage down payment.
Taxes and a Mortgage Down Payment Gift
Additionally, there are tax implications to the individual giving the mortgage down payment gift. Alexis explains what the limit of that mortgage down payment gift can be for tax purposes.
Watch this short video to get all the details:
Thankfully, we have Jim Cardinal, Branch Manager for Syracuse Securities {visit his website to learn more} and Alexis Meeks of Karp, Ackerman, Skabowski & Hogan CPAs {Connect with Alexis on LinkedIn} to explain what is happening in the mortgage industry, how issues will impact the home buying process, and what actions to take moving forward.
You can reach them by phone at:
- Jim Cardinal | (518) 281-0077
- Alexis Meeks | (518) 828-7618
We can help with NY home insurance
If you are a first time home buyer or if you currently own a home, we would love the opportunity to help you find the proper coverage at the most competitive rate for your home insurance or rental property insurance. We are dedicated to helping you make the best decisions regarding your insurance and providing our community are resources like Mortgage Mondays are part of that dedication.
If you would like to receive a quote give us a call at (518) 456-6688 or click here to begin the process by email.
Thank you,
Ryan Hanley, CIC
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