So your parents (or favorite auntie 🫶) want to help with your downpayment? Amazing. But before you accept that gift, there are a few things lenders are going to ask for.
To use a gifted downpayment, the money must be from a relative or someone with a documented relationship to you. You’ll also need a gift letter stating it’s not a loan and won’t be paid back. And yes—bank statements will be involved 🧾.
💸 Pro tip: Make sure the gift is deposited well in advance and doesn’t raise red flags. Last-minute large deposits can delay approval.
This is a generous gesture, but it still needs to be done by the book.
Need help navigating gifted funds and home loans? I’ll walk you through it—no judgment, just straight answers.