Home Buyer FAQ: Is a Gift an Acceptable Source of my Down Payment?
Home Buyer FAQ: Is a Gift an Acceptable Source of my Down Payment?
Gifts are an acceptable source for your required down payment, as long as the gift meets one of the following requirements:
- The gift is provided by a relative
- The gift is provided by the co-borrower
- The gift is from a nonprofit or government organization such as TSAHC.
Your lender may have more guidance for you on what is acceptable. Please speak with them also as different loans have different requirements.