February 2019

12 Feb 2019

Down payment gift guidelines

Remember when you were little and grandparents asked you what you wanted for your birthday? You likely handed them a detailed list of toys and clothes you’d like to add to your growing collection. These days the answer to that same question is probably a little easier: You’d like cold, hard cash. How does the line go? Oh yeah. Show me the money! Why? Because being an adult is expensive, Grandma. And because you’ve been saving every last dime for a down payment so you can give your roommate a 60 day notice and get your own place. Down payment gift money What is down payment gift money? When it comes to buying a home, a down payment of 20% is the amount lenders prefer. However...
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