A Homebuyer’s Guide to Using Gift Money MABA MassasachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

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.

Here’s what you need to know:

Q: How much can you get?
A: This depends on your mortgage program: With FHA loans, for example, the entire down payment can be funded via gift money. Conventional loans will only allow this if you put down 20% or more.

Q: Who can offer gift money?
A: Again, this depends on the…………

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FIRST TIME HOMEBUYERS