The U.S. Food and Drug Administration (FDA) is strengthening an existing label warning that non-aspirin nonsteroidal anti-inflammatory drugs (NSAIDs) increase the chance of a heart attack or stroke.
Not everyone receiving a cash gifts want to make a 20% downpayment, though. Cash gifts are also allowed for low-downpayment mortgages including the FHA purchase mortgage, which requires a 3.5% downpayment; and the Conventional 97 mortgage from Fannie Mae and Freddie Mac which requires just 3% down.
Once the money is in the borrowerâs account, the lender may also want to see proof of a deposit in the exact amount stated in the gift letter. Just how heavily a borrower may rely on family largess to cover a down payment depends on the type of mortgage involved and the size of the gift. With a conventional loan, lenders require that borrowers contribute at least 5 percent of their own money.