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.
As long as the gift and giver meet certain FHA requirements, gift funds can be used as a down payment. Here are some guidelines when using a gift fund for FHA: Your entire down payment can be gift funds. At least 3.5% of your down payment needs to be your own money if your credit score is between 580 and 619.