Getting Gift Money for Your Home Purchase? Read This First
Help from family can make a home purchase possible. Before anyone transfers gift funds, ask your lender how to document them.
Help from your family can make buying a home possible, but this is not the time for a surprise transfer.
Gift funds often require a paper trail. Depending on the loan, your lender may need a signed gift letter, proof of where the money came from, evidence of the transfer, and confirmation that the money does not need to be repaid.
If $20,000 suddenly appears in your account without the right documentation, it can create questions and extra work at the worst possible point in the process.
The easiest solution is to tell your lender about the gift before anyone moves the money. They can explain exactly how it should be transferred and what documents your family will need to provide.
Planning to buy with help from your family? DM me GIFT before anyone transfers a dollar, and I’ll connect you with a lender who can help you document it correctly from the beginning.