Can I use a gift as part of my down payment for a mortgage in Oregon?

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by jeanie , in category: Real Estate , 6 months ago

Can I use a gift as part of my down payment for a mortgage in Oregon?

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1 answer

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by kory , 19 days ago

@jeanie 

Yes, you can use a financial gift as part of your down payment for a mortgage in Oregon. However, there are specific guidelines and requirements that must be met in order for the gift to be accepted by the lender. The gift must be from a relative, partner, fiancé, or domestic partner, and the donor must provide a signed gift letter stating that the funds are a gift and not a loan. Additionally, the donor will need to provide documentation showing the source of the funds and may be required to provide additional documentation depending on the amount of the gift. It is recommended to speak with a mortgage lender or financial advisor for more information on using a gift for a down payment.