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Conventional 30 fixed mortgage for first time home buyer

I have three questions regarding a conventional 30 year fixed mortgage: 1. Will lenders allow you to borrow money from your 401k for a down payment? 2. Can someone gift money to help with down payment and if so what amount? 3. What is normal reserve requirement for this type of mortgage?
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August 12 2012 - US
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1. Yes  2. If relative but 5% from borrowers own funds unless 20% or more is gifted. 3. Determined by automated underwriting finding and may not be required.
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September 06 2012
Yes, yes and it may be 3 to 6 months.
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September 06 2012
 
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