How Gift Funds Can Help You Buy a House
The gift of money is always a welcome surprise, isn’t it?! And, a great time to receive a gift like that is when you’re buying a house and crunching numbers to come up with a down payment.
A gift fund can take a huge burden off your shoulders during the home buying process, but there are some very important things to know before a family members pulls cash out from a secret hiding spot and hands it to you for a down payment.
Our mortgage lending expert Greg Toliver discusses what to know about gift funds in our latest Mortgage 101 video. Here are some of the questions Greg answers:
- What are gift funds?
- What’s the most important thing to know about gift funds?
- When can gift funds be used?
- What things can a gift fund help pay for?
Whether you’re buying your first home, building your dream home, or purchasing investment property, Honor Credit Union provides a variety of lending options to meet your mortgage needs. Our lenders are members of the communities they serve and they know how to put their local market expertise to work for you. From pre-approval to close, our lenders will guide you through every stage of the mortgage and home buying journey.