As lenders tighten mortgage guidelines for Phoenix home buyers, minimum downpayment requirements are increasing. Several years ago, you could finance a home with nothing down. Today, most conventional mortgages require at least 5 - 10 percent. Incidentally, these guideline changes have led to an increase in the number of home buyers accepting cash gifts from family. Gifts are allowed in most cases but the problem is, if you don't accept the gift in a "lender-friendly" way, the mortgage underwriter could reject it, and negate it. Three Steps To Success With Your Down Payment Gift Funds You … [Read more...]