Advice Topics
- Buying (197)
- Selling (207)
- Renting (41)
- Market News & Trends (12)
- Finance & Legal Info (94)
- Tips & Advice (98)
- Working With an Agent (54)
- Marketing (4)
- Investing (16)
- Affordable Housing (17)
- Green Housing (2)
- Schools (1)
- Remodeling (32)
- International Real Estate (8)
- Terms & Definitions (27)
- Home Loans (15)
Top Contributors (View All)
Find a Top Real Estate Agent Near You
Best way to get a financial gift when buying a home?
We have family that want to help us buy our first home. We were pre-approved and the lender said something about financial gifts and kind of seemed like we can't get them?? We're confused on the rules. It would be a big help to have this money towards our downpayment. So, what's the best way for us to receive this money when buying a home?
Asked By Maggie | Scottsdale, AZ | 14 views | Finance Legal Info | 5 days ago
Answer(2)
Nicole Serviss
The Serviss Group with RE/MAX Elite
Yes, you can often use family gift funds for your down payment, but the lender has to see it documented correctly. They usually need a gift letter from your family member and proof of the transfer into your account. Each loan program has slightly different rules, so check with your lender to make sure the funds are set up the right way.
- 1 day ago
Helpful (1)
Unhelpful (0)
Blossom Vernon
BHHS - Jordan Baris Realty
Best Way to Get a Gift for a Home Purchase
Ask a Close Family Member (parents are number one on the list
Have Them Transfer the Funds Officially → check or wire, no cash.
Sign a Gift Letter → it states the money is a gift, not a loan.
Provide Bank Proof → so the lender sees where it came from.
Who’s #1 to Gift?
Parents are the top, easiest, and most accepted source of a down payment gift. After that, it can be grandparents, siblings, or sometimes very close relatives/friends (depending on loan type). Bottom line: Ask mom or dad first, Siblings are next in line —they’re the cleanest source and lenders love it.
Ask a Close Family Member (parents are number one on the list
Have Them Transfer the Funds Officially → check or wire, no cash.
Sign a Gift Letter → it states the money is a gift, not a loan.
Provide Bank Proof → so the lender sees where it came from.
Who’s #1 to Gift?
Parents are the top, easiest, and most accepted source of a down payment gift. After that, it can be grandparents, siblings, or sometimes very close relatives/friends (depending on loan type). Bottom line: Ask mom or dad first, Siblings are next in line —they’re the cleanest source and lenders love it.
- 8 hours ago
- Helpful (1)
- Unhelpful (0)
Are you ready to find a top agent near you?
Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.
Related Questions
-
If I sell my home, will my boyfriend receive part of the sale?
I wanted some clarification before deciding to put my home on the market. My boyfriend and I purchased a home together several years ago. We split up so he signed a quitclaim deed but is obviously still on the loan. If I want to sell my home that I have been making payments on myself for the last 8 years. Does he need to sign anything and would he be entitled to any of the sale money?
- Asked by Eileen K.
- 1279 views
- Finance & Legal Info
- 4 years ago
-
Can the new owner of the rental property I live in kick me out?
The rental property that I'm living in now was sold to a new owner. The new owner wants to kick me out, remodel the unit, and re-rent the unit for a higher price. Is that legal?
- Asked by Mario S.
- Los Angeles, CA
- 1274 views
- Finance & Legal Info
- 4 years ago