HOW TO USE GIFT MONEY AS A DOWN PAYMENT
Have you always wanted to buy a home (check out our home buyers page) but haven’t saved enough for a down payment? Many lenders have loan programs that allow the use of gift money for your down payment. This means family can give you down payment money and you can still qualify for a mortgage!
There are several different loan programs that allow gift money to be used as a down payment and each program has specific guidelines you have to follow (the income restriction in most of Portland is up to $81,400). Even if this isn’t your first house, many of these loan programs aren’t restricted to first time home buyers, and some of them have no income limit.
For more information or if you’d like a recommendation for a lender that has these loan programs, call or email us today!