Saving for a downpayment will be a process that takes discipline and sacrifice. Your down payment can range from small to large depending on the program you qualify for. If you want to purchase a property, but have little to no money, you may be able to receive gifted funds from a relative or significant other. Here’s what you need when using a gift to purchase your first home.
-A gift letter from the donor, stating that the assets are a gift, and need no repayment.
-A copy of the gifts donors canceled check, or withdrawal slip of the money coming out of their account.
Gift funds can only be issued if the person gifting it is your relative (applicant’s child, parent, aunt/uncle, spouse, employer). The donor may not be any party interested in the transaction (ie. Real estate agent, title agent, lender).