When Mom & Dad chip in, here’s what that actually means for your mortgage
Getting help with your down payment? Amazing.
But before you start house-hunting, let’s clear one thing up:
👉 Just because money is coming from family doesn’t mean it’s “gifted” in the lender’s eyes.
So, what is a gifted down payment?
A gifted down payment is exactly what it sounds like, money from an immediate family member that doesn’t need to be paid back. It’s a true, no-strings-attached gift.
Yeah, easy… right? Sort of. Lenders have very specific rules to follow, and if you don’t meet them, that “gift” could actually mess up your mortgage approval.