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.

Here’s what you (and your family) need to know:

• The gift must come from a direct family member (parent, grandparent, sibling, etc.)

• The person giving the money must sign a gift letter confirming it doesn’t need to be paid back

• The money must land in your account and be clearly traceable

• Lenders may ask to see where it came from, especially if it’s a large chunk

🙃 “Insert vague excuse here...”

I hear this so much, so so much.

Totally get it, but lenders don’t do “family thing.”
They do paper trails, signed letters, and clarity.

So if there’s even a hint of “we’ll pay them back later,” it’s not a gift, it’s a loan, and that changes the whole mortgage file.

In this case, changes the whole mortgage file is not for the better, if you catch what I’m saying.

What should you do?

If you’re thinking about using a gifted down payment, let’s get ahead of it.
I’ll help you:

• Set it up the right way

• Get the paperwork sorted

• Avoid any awkward surprises in the middle of the process

Text me 250-919-5474 and we’ll get this sorted.
And if Mom & Dad are involved, I’ll walk them through it, too.

Talk soon,
-Andrew