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Can a family member pay my mortgage buydown?
We're trying to buy our first house. A family member offered to pay for a temporary mortgage buydown. It would be about $17K for the buydown. Are we allowed to have them pay the mortgage buydown? They're not on the mortgage and I know there's weird rules about getting financial gifts and buying a hosue.
Asked By Maggie | Scottsdale, AZ | 10 views | Finance Legal Info | 5 days ago
Answer(1)
Nicole Serviss
The Serviss Group with RE/MAX Elite
Yes, in many cases family can contribute toward a temporary mortgage buydown, but it has to be structured the way your lender requires. Usually the funds are treated as a gift, which means they’ll need a gift letter and proof of the transfer. Because loan programs each have different rules, your lender is the one who decides exactly how the money can be applied. Be sure to tell them upfront that the funds are for a buydown so they can guide you through the correct paperwork.
- 1 day ago
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