Homebuyers: 5 tips for using gift money

Coming up with a down payment can be hard, especially as home prices rise. Fortunately, if you have a generous loved one, they may be able to help you out.

Many loan programs allow what is called “gift money” when it comes to your down payment. But in order to use that money, you have to follow certain rules.

Do you expect to have financial help with your home purchase? Here’s what you should know about using gift money.

1. The exact rules vary by loan and property type. Gift money rules can be slightly different depending on the loan program you choose (or if you’re buying a second home). Wit...