Скачать или смотреть Down Payment Gift Rules

Down payment gift rules

If you’re planning on using gifted money as part or all of your down payment, it’s important to realize that there are restrictions and documentation requirements.

First, your lender will need to know the source of your down payment money. Expect your lender to evaluate your past 3+ months of banking activity. Keep a paper trail of any large transfers so you can accurately account for any deposits that occur during this time period.

Your lender will also want to confirm that the money you’ve been gifted is in fact a gift, and isn’t a loan from a friend or family member that’s expected to be paid back. Additional loans affect your debt-to-income ratio and potentially make you a riskier borrower. Here are the things your lender will look for:

Relationship of gifter: Generally, gift money needs to come from a family member, spouse or partner.

Down payment gift letter: Lenders will often require that the donor write a letter that clarifies your relationship, documents the amount of the gift and the source of the gift, confirms contact information, and documents the address of the property. It also should document that the gift is a gift, and not actually a loan.

Gift money loan requirements: Not all loan types will allow you to make a down payment with 100% gift funds, especially if the home will not be a primary residence. Check with your lender to confirm the minimum borrower contribution from your personal funds for the home you plan to buy.

DNA Realty Group is a full service Real Estate team that provides the highest level of quality service to their clients. When you hire DNA Realty Group to work for you, you don’t just get ONE agent, instead you get an innovative and experienced Real Estate team that will work around the clock to meet all of your Real Estate needs. With so many changes in today’s Real Estate market they have the knowledge and confidence to navigate the current market environment.


HOMES and TOWNS BY DNA Realty Group


#BUY --- https://www.dna-realty.com/buy/


#SELL --- https://www.dna-realty.com/sell/