Realistically most people can’t purchase a home without taking out a loan which is why it is necessarily to meet with a lender to get all the details. Okay so now you are working on getting a loan because you can’t purchase a home entirely on your own but then the lender will require a down payment from you. You have never saved up enough to make the down payment that the lender requires.
What now?
Down payment. Not everyone has saved up enough to make a down payment but perhaps someone in your family such as your parents have the kind of money that is required for your down payment. They can help you on your down payment. Down payment gifts are common since not everyone has the money saved up to make a down payment.
Every lender has different guidelines for this because some will want to see more of your own money put into the home. They will require a letter of some sort stating that it is indeed a gift and not a loan that needs to be paid back. The transaction receipt showing the deposit and withdrawal of the down payment gift would be requested by the lender as well. The declared gift amount should match the deposit and withdrawal receipts exactly. Nothing more and nothing less.
Don’t let the fact that you might not have enough saved for a down payment scare you away from taking advantage of record low interest rates and low home prices.
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