How to Use Down Payment Gifts for a Mortgage

Down Payment

You have people around you who want to help your home ownership dreams come true and are giving you down payment gifts; great! Let’s see what loan options are available to you.

Federal Housing Administration Loan

  • A gift from a family member, employer, or charitable organization can be put toward the down payment.
  • A comparatively low down payment of 3.5% of the home purchase price.
  • This loan offers low closing costs.
  • Lower credit score requirement than some other loans.
  • Non-Occupying co-signers are allowed; meaning, someone can co-sign for the loan even if they aren’t living in the home with you.

Find out if you qualify for the FHA Loan. *

Doctor Loan

  • Gifted funds can be applied to the down payment.
  • Must have a minimum certification of M.D., D.O., D.D.S., or D.M.D. . Medical doctors include Podiatrists, Ophthalmologists, and Veterinarians.
  • An employment contract or verification of terms of employment must be provided.
  • For a primary residence only.

Find out if you qualify for the Doctor Loan.*

Conventional Loan

  • Gifted funds can be applied to the down payment.
  • Down payment requirement as low as 3%, if other qualifications are met.

Find out if you qualify for a Conventional Loan option.*

Fannie Mae HomeReady Loan

  • Down Payment gifts, grants and community seconds can be applied to both the down payment or closing costs.
  • Down payment requirement of 3%
  • Income limits exist with this loan.
  • Home ownership education is required.

Find out if you qualify for the FNMA HomeReady Loan.*

Did you know that there are options for mortgages no down payment requirement?

*Other qualifications may apply.