Many first-time homebuyers receive downpayment assistance from a family member or close friend, but many don't realize there are specific guidelines they must follow for a home purchase to avoid trouble down the road.
First off, the down payment must be a gift. If it's considered a loan, the lender must then factor that into the mortgage approval amount, and buyers may then qualify for less mortgage money than they need.
You are ready to buy your home, and are piecing together your strategy for a down payment on the mortgage. You are fortunate that a portion of it will come from a personal “gift”… but what do you need to be aware of
If you will have gifted money as a part of your funds to purchase a home, you need to keep the following things in mind:
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