Saving for a down payment can be one of the biggest challenges when buying a home.
The good news is that many loan programs allow eligible homebuyers to use gift funds to help with their down payment and, in some cases, closing costs.
If a family member wants to help you purchase a home, gift funds may be an option.
What Are Gift Funds?
Gift funds are money given to you by an eligible donor to help with the purchase of your home.
Unlike a loan, gift funds don’t have to be repaid.
Who Can Give Gift Funds?
Depending on the loan program, gift funds may be provided by certain family members or other eligible donors.
I’ll explain the specific requirements for your loan program and help make sure everything is documented correctly.
Can Gift Funds Be Used for Closing Costs?
In many cases, yes.
Depending on the loan program, gift funds may be used toward your down payment, closing costs, or both.
I’ll review your situation and explain exactly what’s allowed.
Do Gift Funds Need Documentation?
Yes.
Lenders require documentation showing where the gift funds came from and confirming that they are truly a gift—not a loan.
I’ll walk you through the process and let you know exactly what paperwork is needed.
Ready to Get Started?
If a family member plans to help you purchase a home, let’s talk before the funds are transferred.
I’ll explain the documentation requirements and help make the process as simple as possible.
Complete my Secure Online Application or give me a call. I’d be happy to answer your questions and help you get started.