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hemsleysue · Joined: 13 Sep 2009 Posts: 72 0.02 Dollars($)

Can I use gift funds as a down payment?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Yes, you can put gift money for downpayment, but you have to show your credit history & good income proof to lender.

Thanks.

gmakerley · Posted: Sat Oct 03, 2009 8:04 am Post subject:

much more to add: with fha loans, for example, all of your down payment can be gifted (from a family member, fiancee, etc.).

with conventional loans, gifts are restricted and most down payment money must be your own.

and that's just the tip of the iceberg.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

see some more information here

http://www.mortgagefit.com/gift-letter-1.html

stev998 · Joined: 27 Sep 2009 Posts: 19 -0.12 Dollars($)

hi,
Yes ofcouse you can use gift funds for downpayment but you need good credit score and history to show the lender then you are qualify for loan,

regards

stev

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