A homebuyer's guide to using gift money
Last updated 12/7/2022 at 2:28pm
Special to the Village News
Coming up with a down payment can feel like quite a hurdle.
For millennials, who are currently the largest cohort of homebuyers, getting help with the down payment is fairly common – roughly 29% of younger millennials receive gift money from a loved one.
Are you considering using gift funds during your home buying journey? It’s important to understand the rules surrounding this strategy when applying for a mortgage.
Here’s what you need to know:
Q: How much can you get?
A: It depends on your mortgage program: With FHA loans, for example, th...