A lot of borrowers aren’t always able to come up with all the funds they need for a down payment on their own, which is why many mortgage products allow for gift contributions from friends and family.
But, while it may seem perfectly OK to accept these gifts, be sure to read the fine print of the mortgage product you’re considering. While some conventional and unconventional mortgages products allow you to receive gift contributions with no strings attached, others either have more stringent requirements or do not allow gift contributions. See below:
To learn more about the mortgage application process, be sure to speak with an experience mortgage broker.