Gift Funds
Gift funds are money a family member gives toward your purchase. They help cover the down payment or closing costs. The money is a gift, not a loan.
What Gift Funds means
Lenders need a gift letter to confirm no repayment is owed. The letter names the giver and the amount. Proper paperwork lets you use the funds.
Florida example
A Florida parent gifts a child money for the down payment. We prepare the gift letter. Then the funds count toward the purchase.
Down payment help from family
Gift funds are money given to help with your down payment or closing costs that you never have to repay. FHA is flexible on gifts; conventional loans mostly limit them to relatives.
The person giving the money signs a gift letter confirming it is a true gift.
Documenting the gift
Lenders trace the money with the donor's bank statement and proof it landed in your account. Deposit it early so it seasons and draws fewer questions.
We send the gift letter template and check the paper trail. Reach out and we will get your gift documented right.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: Florida Housing homebuyer programs and CFPB Owning a Home guide.