Can gift funds from an ex-spouse be used for a mortgage down payment?
That’s an actual question submitted to ASK Arch MI, and it’s one that may expand your understanding of just how amicable a divorce can be.
Lacking a ready response to this rare query, the loan originator submitted it to ASK Arch MI, a free service that provides answers, in less than an hour, from our MI underwriting experts.
The answer in this case is yes. Gift funds can be used when fully documented with a signed letter from the giver stating that no repayment is required and all other underwriting requirements are met.
In April, we launched ASK Arch MI and the online ASK Center to enable our customers to outsource potentially time-consuming questions about MI underwriting, speeding up approvals and freeing LO teams to handle more volume.
Our MI underwriting expertise is unmatched in the industry and our pros really enjoy digging into every imaginable quandary and scenario to provide authoritative answers and analysis.
In addition to responding to questions within an hour, we’ve created a searchable Knowledge Base of answers to previously submitted questions that’s available 24/7 in our ASK Center. Visit ask.archmi.com to submit your MI underwriting questions or see answers to recent inquiries such as:
- What are the options when the borrower doesn’t have a credit score?
- What’s the maximum LTV for a second home?
- If a borrower won’t sell his current home until after closing on his new one, does the current house payment figure into ratios?
- To qualify as self-employed, what percentage of a business must the borrower own?
In addition to responding to questions within an hour, we’ve created a searchable Knowledge Base of answers to previously submitted questions that’s available 24/7 in our ASK Center.
The ASK Center team is ready to answer the toughest MI underwriting questions you can come up with. This type of easily accessible expertise is vital at a time in the industry when every loan is important. Arch MI is committed to providing innovative, customer-focused tools that help our partners take advantage of origination opportunities and stand out from competitors.