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.
You now have to come up with 3.5% down payment (can be savings, 401k withdrawal, gift from family,etc) and money for closing costs and prepaid items. The seller,however, is allowed to contribute up to 6% of the purchase price towards closing costs,points, and prepaid items.This 6% cannot go towards down payment though. am currently purchasing a property in SOCAL and I just signed my paperwork for a FHA 3.5% down. payment, Now this is a first time for me to go FHA. But, We have about 90% of our closing costs paid for us, NOT by the Seller, but by going FHA.