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Updated over 4 years ago on . Most recent reply
Gift of Equity for Investment
Hi!
I am new to real estate investing but have worked in property management for 5 years. I am looking at purchasing my 1st rental property from my grandmother. I live and work in Columbus, OH and the property is in Cleveland, OH so I am unable to purchase this as an owner-occupied property. I am trying to use a gift-of-equity towards a portion of the down payment. I have called different lenders/brokers and seem to get different answers. Some have told me that as of January 1st, 2020, Fannie and Freddie no longer allow GOE to be used for an investment property.
Does anyone know of a mortgage option for using a gift of equity towards a down payment of an investment property?
Thank you!
Julia
Most Popular Reply
@Zeke Liston Thank you for your reply! So far I have only contacted conventional lenders and brokers, but that is a great idea! I will absolutely reach out to commercial lenders to see if there are options for my situation.
Thank you!