Updated 4 months ago on . Most recent reply
DSCR Gift Funds
I am planning on purchasing a $350k property with DSCR loan. I seen online gift funds can be used with after 10% of my own money. Does being a first time investor change the amount of my required contribution?
I have $35k of my own money to go towards the purchase. My son will be gifting the remainder to me. Can gift funds be used for reserves? Or will i need to have $35k + reserves of my own money to make this happen?
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Mike Grudzien
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Mike Grudzien
#4 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#4 Short-Term & Vacation Rental Discussions Contributor
- Lender
- Eugene, OR
I'll join in and repeat: "It depends on the lender"