A homebuyer's guide to using gift money

Jane Kepley

Special to the Village News

Coming up with a down payment can feel like quite a hurdle.

For millennials, who are currently the largest cohort of homebuyers, getting help with the down payment is fairly common – roughly 29% of younger millennials receive gift money from a loved one.

Are you considering using gift funds during your home buying journey? It’s important to understand the rules surrounding this strategy when applying for a mortgage.

Here’s what you need to know:

Q: How much can you get?

A: It depends on your mortgage program: With FHA loans, for example, the entire down...