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Relatives and close personal friends can gift the down payment for your purchase of a new home in the Eugene/Springfield Oregon area. You probably should keep your in-laws happy too, you never know when that can help you. You actually can get a home with no money out of your pocket as long as your have relatives that love and/or like you. Actually, they don’t have to like you, just be willing to gift you the money you need for a down payment.

The full amount of the down payment can be gifted to you by a family member or a close personal friend. Note the emphasis on close. We actually need to prove that relationship. If you combine that with a seller that is willing to pay the closing costs and pre-paid expenses like taxes and insurance, you can get into your new home with no money out of your pocket.

There is, of course, fine print:

• Seller can pay no more than 6% of the purchase price in closing costs and pre-paids.
• Seller can not pay any of the down payment unless they are a relative as described above.
• Gift funds that are not provided by an acceptable source will result in a reduction in sales price.
• Seller contributions that do not meet the above criteria, will result in a reduction in sales price.

If the seller is a relative, they can gift equity for the down payment. However, in this case, it will probably result in a 2nd appraisal requirement. There are other things that must be considered in a gift situation and I am always happy to explain the process. This can also be an exception way to purchase a home for that college student. Call me at 541-342-7576/541-221-3455 Cell or e-mail me.