Is a gift from someone else an acceptable source of my down payment?
Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower, fiancé or a friend treated as family. We’ll ask you for the name, address, and phone number of the gift giver, as well as the donor’s relationship to you. Finally, we will need to source the wire/check from the donor’s account arriving in your account or escrow, whichever is applicable. Gift funds are not acceptable in an investment property transaction, only owner occupied.
Related FAQs
- Why Update A Pre-Approval Letter?
- How do I update an expired pre-approval letter?
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- What if my credit score is too low?
- How do I dispute an item on my credit report?
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- Do I have to provide information about my child support, alimony or separate maintenance income?
- What happens after I apply?
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- What debt do you include in my debt to income ratio?
- Why do you need information about other properties I own?
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- What do I do if I can’t retrieve or print out the electronic disclosures, or have some other problem with them?
- What are some tips for completing the online application?
- If my loan application isn’t pre-approved, does that mean you can’t provide me with financing?
- When will I hear from someone after my inquiry/application?