08/25/2026
๐จ Getting gifted money for your down payment? Donโt move it yet.
If your parents or family are helping you buy a home in Hamilton or Niagara, that gift can make homeownership much more achievable. But before anyone sends the money, talk to your mortgage broker or lender.
Why? Because gifted down payment funds may need to follow specific lender requirements.
Hereโs what to know ๐
โจ Tell your lender first
Donโt transfer a large amount of money without checking how your lender wants it handled.
โจ Get the gift letter
You may need a signed letter confirming the amount, your relationship to the person giving the money, and that repayment isnโt expected.
โจ Keep a clear paper trail
Be prepared to document where the money came from and show that it was deposited into your account.
โจ Follow the transfer instructions
Your lender may have specific requirements, so ask before moving the funds.
โจ Donโt spend every dollar on closing
Depending on your mortgage and financial situation, additional funds or savings may still be needed.
โ ๏ธ The big takeaway: Donโt wait until the last minute or move a large sum of money without speaking to your lender first.
A gifted down payment can be a great way to buy your first home. It just needs to be handled properly.
Thinking about buying a home in Hamilton or Niagara with help from family?
๐ฉ DM me GIFT and Iโll help you understand the home-buying steps.
๐ก DM me LIST and Iโll send you a free list of homes for sale in your preferred Hamilton or Niagara neighbourhood.
๐๐ฎ๐ป๐ถ๐ฒ๐น๐น๐ฎ ๐๐ถ๐ฐ๐ฐ๐ต๐ถ-๐ฃ๐ถ๐ฐ๐ฐ๐ผ๐น๐ผ๐๐๐ผ
๐๐ฐ๐บ๐ข๐ญ ๐๐ฆ๐๐ข๐จ๐ฆ ๐๐ต๐ข๐ต๐ฆ ๐๐ฆ๐ข๐ญ๐ต๐บ, ๐๐ณ๐ฐ๐ฌ๐ฆ๐ณ๐ข๐จ๐ฆ
๐ง[email protected]
๐ 905-561-2232
