what’s the best way to combine gifts and loans to a relative for a downpayment on a home?
The mortgage company seems to want one check to represent the funds collected from several sources, some of which are outright gifts and some of which are loans.
Tags: Best, Combine, downpayment, gifts, home, Loans, relative, What's
no problem just give the relative cash and tell him to put it in his account!!! noon of my business but not a good ideal ot loan money to a relative!!!
If you use the gifts money for the down payment – the lender want to see gift letter from your family member along with the proof it’s coming from their bank account (bank statement showing withdrawn ) and for the loan- loan note between you and your family with the terms on the loan. Check with your mortgage broker how much( in percentage) can come like a gift or the the loan? Different programs have different requirements.