Page 22 - The ultimate homebuyers guide - preview

The Latest Home Buying Guide

Can you get the down payment from others?
Yes, you can!

The required down payment cannot come from the seller, anyone
who will benefit financially from the transaction or persons who
will be reimbursed from prohibited sources. You can however, get
a “gift” from:

● An unmarried partner

● Religious nonprofit

● Friends

● Relatives

● Your employer or labor union

● Charitable organizations

● A government agency or public entity that provides such
assistance

Any funds given as a gift towards down payment cannot be a loan
and should not be paid back. You will need a letter from the donor
stating so, and the nature of your relationship.

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