Can I Use Gift Funds as a Down Payment for a Mortgage?
It is possible for you to use gift funds in paying for the down payment of your mortgage. The lenders usually want to see if this comes from your immediate family member with the use of a gift letter signed by the family member involved and provide bank statements in your name saying that the money gifted has already been deposited into your bank account. By securing these requirements, this is now the time that you can use the gifted money as a down payment for your mortgage.
If you have additional queries about your mortgage, please contact us at Higgelke Mortgage Group.