Quantum Mortgage - Real Estate News and Updates

Gifts for Down Payments

February 4th, 2019 12:51 PM by Michael Benevento

A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements.

ACCEPTABLE DONORS

A gift can be provided by:

  1. Relative, defined as the borrower’s spouse, child or other dependent or by any other individual who is related to the borrower by blood, marriage, adoption or legal guardianship.
  2. Fiancé, fiancée or domestic partner *
  3. Domestic Partner: An unrelated individual who shares a committed relationship with the primary wage earner, currently resides in the same household as the primary wage earner and intents to occupy the security property with the primary wage earner.
  4. The donor may not be or have any affiliation with, the builder, the developer, the real estate agent or any other interested party to the transaction.
Posted by Michael Benevento on February 4th, 2019 12:51 PM


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