gifted money: Barbara's Blog - Using Gifted Money for a Down Payment
- 05/12/15 05:13 AM
It can be extremely hard to save for a down payment for a new home. Some people have turned to accepting gifts from friends and family. Using gifted money for a down payment was a popular way of getting the 20% or more needed at closing.
.But then the big housing bust of 2008 happened. And like with most things housing related, being able to use gifted money has changed. Regardless of the amount of the down payment, new restrictions make it harder, if not impossible to use gifted money.
Lenders are requiring more documentation for loans these days and that includes documentation … (2 comments)
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