How can gifts be used towards the purchase of a home? There are a few different ways. A gift must be made by a relative. A gift letter will need to be executed by both the donor and donee stating their relationship, the amount and date of the gift, from what account the gift is made, and that no repayment is expected. The gift is transferred from the donor’s account to the donee’s account and verification is provided to the lender. The gift funds can also be delivered directly to title at closing.
Another way to give a gift toward a home purchase is to donate the equity where one relative is selling the home to another relative. If you are considering a gift for the purchase of a home, contact us and we can help you!
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