Can You Use Gifted Money As a Down Payment?
Often, first-time homebuyers may get gifts from family members to put toward their down payment, but there are stipulations.
A mortgage lender will consider a few things, typically when you receive money as a gift for your down payment. First, they’ll look at the amount of the gift. Second, lenders may also consider where the money came from and the relationship between you and whoever gave you the money.
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