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Can I use gift funds for my down payment?
Posted : 28/04/2024 4:29 pm
Yes, you can use gift funds for your down payment. The gift must be from a family member, such as a parent, grandparent or sibling. It’s also generally acceptable to receive gifts from your spouse, domestic partner or significant other if you’re engaged to be married. The money can't come from just anyone, though, as lenders prefer to see that the gift comes from a family member. Lenders also require detailed documentation of the gift, including a letter that states the name of the donor, their relationship to you, the date and amount of the gift and a statement that says the money has no expectation of repayment.
Posted : 30/04/2024 5:35 pm