Funds gifted to the borrower to offset down payment or closing costs. Typically, received from a parent, grandparent, or an individual of close relationship with no intention of repayment.
Funds given to the borrower by a relative, church, municipality or non-profit organization which do not have to be re-paid. Gifts funds may be applied towards the down payment, closing costs and/or reserves.
Money that a relative (or other third party) gives to a buyer who otherwise would not have enough cash to close the transaction.
Funds donated on behalf of the borrower from certain eligible sources to assist the borrower in meeting closing costs. Generally, eligible sources are relatives, churches, municipalities, or nonprofit organizations.
Funds used for a down payment or closing costs that were a gift from a relative.
Funds from a gift with no intent for repayment to assist with closing costs and/or down payment.
Funds donated to the borrower from certain eligible sources to assist the borrower in meeting closing costs. Generally, eligible sources are a relative, church, municipality, or a non-profit organization.
Transfer of funds to assist with payment of closing costs and/or down payment. Investors typically require that gift funds may only be received from the borrower's parents and/or grandparents with no intent for repayment.
If you will be using funds from a gift. (Note: Gift funds may only come from a family member and must not have any repayment requirements.)
cash a borrower receives from a relative or another source, used to make a down payment on a property.
Funds a buyer receives from certain eligible sources (relative, church, municipality, nonprofit organization, etc.) to assist the borrower in meeting closing costs.
