If you’ve been browsing real estate listings lately and have big plans to buy a big house, but your down payment isn’t so big, you might have heard that you can get a gift for the down payment.
Or perhaps you might need help if placed in a bidding war just in case the sellers aren’t all that impressed with your 3% down payment...
Whatever the reason, you’ve got options if you have a wealthy donor willing to help you out. But gifting money isn’t without its own requirements and cannot be used for investment properties.
Along with the down payment, this gift money can be used to cover any closing costs you need to pay out of pocket.
And it can even be used for asset reserves!
The takeaway here is that even if you can’t get your hands on a zero down mortgage, you might effectively still be able to buy a home with no down payment if a donor (ask me who is allowed to gift you the funds) is willing to help you out.
If you'd like to learn a bit more or wonder who is able to gift you these funds, then shoot me a message and I'll be happy help!
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