Gifted and Borrowed Down Payments

Gifted and Borrowed Down Payments

  • Gifted down payments may come from an immediate family member
  • Lenders can also accept "gifted equity" as a form of down payment as well
  • In both instances, we have the gift donors and recipients sign a gift letter to confirm the gift details (amount, date, non-repayable, property etc)
  • Nearly all lenders allow for the use of a Secured Line of Credit to be used as a form of down payment (must debt service the new balance / payment), however some will allow to use other forms of borrowed down payment (credit cards, unsecured line of credits, personal loans etc)
  • This Flex Down Program is default insured (often mistaken as zero down) and requires as little as 5% down payment, which can be provided from credit lines stated above (must debt service the borrowed credit)

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