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Do you recommend accepting a down payment gift from a family member?

I'm not sure I am comfortable doing this, and I am concerned that my aunt might expect me to make it up to her in some way in the future. Does anyone have past experience with a similar situation? by marlene_m from Boise, Idaho. May 10th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Sounds like a question for Dear Abby... Sorry.. I cant help... if you have a mortgage related question, I would be happy to answer it for you..... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 10th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

That is really a personal decision between you two. It is allowed though for financing.

May 10th 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

If you are willing to accept the perceived social obligation, accept the gift graciously.

May 10th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

That is more of a personal questions that a mortgage broker might not be able to help you on - it all depends on your relationship with your Aunt. If you think she will expect you to make it up to her or you fear that it may ruin your relationship in the future, you may want to consider other ways to come up the payment. If you do choose to accept the gift, you will have to provide a gift letter to prove that the money is a gift and will not need to be paid back. This letter will have to be signed by both you and your Aunt.

May 10th 2013
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Janine Bodway (jbodway)
#4 ranked lender in Montana - 42 contributions

I would initiate a full review with a licensed loan originator first. You clearly sound hesitant to the idea and perhaps you should evaluate all potential options of making a go of it on your own. There are 100% Programs that can often get you closed with very little out of pocket. Acceptance Capital Mortgage is licensed in ID, so feel free to contact me to get started. jbodway@acceptancecapital.com

May 10th 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

If the money is coming as a true gift and no responsabilty to repay - I say take it.

May 10th 2013
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Ken Dunn (loanman)
#18 ranked lender in Idaho - 43 contributions

Gifts are normal and a good way to start home ownership. Kenneth Dunn 208-228-5663 nmls22644 950 W Bannock St Boise Id 83702 nmls966573 Call me on my cell with a quick question. Ken.

May 10th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

personal decision!

May 10th 2013
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Jeff Riley (JRILEY)
#0 ranked lender in Massachusetts - 17 contributions

Just make sure it's a gift and get in writing.

May 10th 2013
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