Buyer Bootcamp- Gift Funds

August 16, 2018

Gift Funds. It's an amazingly generous offer when someone offers to pay for all or a portion of your house. Let me tell you, it's pretty common that a family member, distant relative, or close friend wants to pitch in on one of the biggest purchases of you life, but what are the parameters on this offering? 

Some questions you may have are...can anyone give me a gift fund? Can I pay in cash? Do I need a record of where the money came from?

Dana Fox from Lake Michigan Credit Union is here to explain the legal side of Gift Funds, who you accept money from, and what type of money is OK to accept. Watch this video to learn more! Click here to watch --> https://www.youtube.com/watch?v=ocOBPxgMMwM 

IN CASE YOU MISSED IT...


Here are the other videos in the Buyer Bootcamp Series:


Buyer Bootcamp- How to start your home buying experience: https://www.youtube.com/watch?v=-9Rs7mGivFA&t=7s 
Buyer Bootcamp- Credit Scores: https://www.youtube.com/watch?v=lH3Ho8Hpyyg 
Buyer Bootcamp- Mortgage Products: https://www.youtube.com/watch?v=ubHRFXJcKB4&t=10s 
Buyer Bootcamp- Interest Rates: https://www.youtube.com/watch?v=ltn5puzMmhY 
Buyer Bootcamp- Private Mortgage Insurance: https://www.youtube.com/watch?v=BCdnW9wxVmc