Village News - Also serving the communities of De Luz, Rainbow, Camp Pendleton, Pala and Pauma

A homebuyer's guide to using gift money

 

Last updated 12/7/2022 at 2:28pm



Jane Kepley

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...



For access to this article please sign in or subscribe.

 

Reader Comments(0)

 
 

Our Family of Publications Includes:

Valleynews
Anzavalley
Reedermedia Logo

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2022

Rendered 01/29/2023 13:42