• Purchasing A Home: The Rules On Using Gift Funds

  • What You Need To Know About Using Gift Funds When Buying A Home

    Gift Dollar BoxIt is not uncommon for prospective home buyers to use gift funds when purchasing their home. Gift funds are often used to off-set the down payment or closing costs.

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    Here are the basic guidelines that need to be followed:

    • Gift Funds must come from immediate family member.
    • If their last name differs from your own, you must prove the relationship via Birth Certificate or Marriage License.
    • A gift letter has to be completed and signed by the Borrowers and the Donor.
    • You have to prove the donor had the money available in their bank account via a canceled check or bank statement showing the gift clearing the Donor’s account.
    • You need to show the gift funds being deposited into your personal account and show the new balance after the deposit has been made.
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    If all the criteria above is satisfied, the funds are cleared for use on your home purchase. Now the only item remaining is a sincere thank you note to the Donor!

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