Down Payment Gift? Follow these guidelines.

Down Payment Gift? Follow these guidelines. Many first-time home buyers receive down payment assistance from a family member or close friend, but they may not realize there are specific guidelines they must follow when they take money from others for a home purchase. To begin with, the down payment must be considered a gift. If it’s considered a loan, your buyers may then qualify for less than they may have needed to. The person who gifted the money will need to state on paper that he or she does not plan on asking for the money back in return and that it is, indeed, a gift. Read article – Realtor Magazine

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