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A Homebuyer's Guide to Using Gift Money

By Dale Taylor

Real Estate Agent with Re/Max 10 New Lenox Illinois http://dtaylor.remax.com

December 15, 2022 12:33 PM

Dale Taylor

RE/MAX 10

(708) 439-0165

A Homebuyer's Guide to Using Gift Money

Coming up with a down payment can feel like quite a hurdle.

For millennials, who are currently the largest cohort of homebuyers, getting help with the down payment is fairly common — roughly 29% of younger millennials receive gift money from a loved one.

Are you considering using gift funds during your homebuying journey? It’s important to understand the rules surrounding this strategy when applying for a mortgage.

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- Dale Taylor