Buying a home often requires a down payment, which can be daunting. However, receiving a down payment gift from a close loved one can simplify the process. Such gifts are financial assistance that does not require repayment, but they are subject to strict mortgage rules. Eligible donors are usually family members, fiancés, or domestic partners. Understanding the source of funds is essential for lenders to ensure financial stability and prevent fraud, making it crucial for homebuyers to navigate these guidelines carefully when accepting gifts.
Gifting money for a down payment is a common and often crucial way to make homeownership a reality.
A down payment gift is financial assistance from an eligible donor to a homebuyer, specifically intended for the down payment on a property.
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