Yes, these funds are known as Gifts. If you are having trouble saving enough money, many lenders will allow you to use gift funds for the down payment as well as related closing costs. The gift may come from family, friends, or other sources, but remember lenders usually require a “gift letter” stating that the gift does not have to be repaid. If you think this may be an option for you, consult your lender about their policies regarding gifts. Financing Information More Information |
