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Is it OK to use gift money from a parent as part of a down payment?

The larger portion of our down payment would come from the sale of our current house.
Mon May 12 2008, 17:03 - 43031 - Home Buying - 3 answers
 
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Jessica Ry...
Just Looking
in Johnstown
Jessica Ry..., Just Looking in Johnstown in Johnstown
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Rusty Koehler was FIRST TO ANSWER
Absolutely, but verify it with your lender just in case. Please let me know if you have any other questions, I'd be happy to help!

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
www.teamedwards.info
mobile or text 937-205-4741
office 937-573-0082
fax 937-433-3561
Real Living Realty - #1 in OHIO!
Realty, Mortgage, Title, Relocation

Tue May 13 2008, 23:43
Web Reference: http://www.teamedwards.info
 
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A Client is doing that now. There are some lender requirements.

Mon May 12 2008, 18:03
 
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FIRST ANSWER
The answer to your question is probably yes. Your lender will ask you to provide a gift letter from your parents which confirms that the money you are receiving is not a loan. Consult with your loan officer who will provide you the correct answer, and what documents are required to process your mortgage loan.

Mon May 12 2008, 17:19
 
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