Finance
A Virginia home buyer receives a gift letter from a family member for the down payment. For conventional loans, this is:
AProhibited
BPermitted if the donor confirms the gift need not be repaid✓ Correct
COnly permitted for FHA loans
DRequired to be disclosed only to the seller
Explanation
Conventional lenders allow gift funds for down payments provided the donor signs a gift letter confirming the funds are a gift (not a loan) and repayment is not expected.
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