Saving up enough money to put a full down payment on a home isn’t always an easy feat. It can take blood, sweat and tears to scrape up the funds needed to come up with 20% of the purchase price of a home. By blood, sweat and tears, I mean you might have to get creative and cancel your $10 Netflix monthly subscription for a few years. Who wants to sacrifice that?
If you’re lucky enough to have loved ones who are willing to offer financial support, there’s another option that can help you come up with down payment funds: gift money. How do down payment gift funds work, and who can provide gift money for a down payment? Read on to find out!