The VA loan is backed by the Veteran’s Administration. Designed to make housing affordable for military veterans and their families, the VA loan offers low mortgage rates, up to 100% financing, no mortgage insurance, and a 2.15% financing fee for loans up $417,000.
Gift eligible: YES
1. Size restrictions: NO; borrower can receive entire down payment as a gift. USDA is 100% finance eligible, meaning no down payment is required.
Seller can contribute to closing costs and prepaid items.
2. Family Restrictions: YES; gift must come from a family members, as defined by blood or legality. Friends, fiancees, or parents of a fiancee are not applicable.