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Why sourcing gift funds is crucial
Having the ability to use a down payment gift from a friend or family member is wonderful. In today's real estate and employment economy it is almost crucial in a small percentage of cases. During a time when many are selling below payoff and needing to bring the deficiency to the closing table they may be greatly decreasing their available cash to close. When this happens having a gift from an employer, family member or friend can mean the difference between getting that home and not getting the home.
Many will argue if a buyer does not have the down payment they do not deserve the home. Continue your argument and feel free to comment here but only if you include actual facts and data to evidence your contrarian view. Not having down payment does not automatically translate into future default - especially in today's economic climate.
Who can give a down payment gift?
Any direct relative such as a sibling, parent or child can give a gift without any further explanation as can an employer. Distant relatives and friends can only give gifts if they have a vested interest in the buyer making this purchase. The goal is to make ... more

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