Can I Use Gift Funds As A Down Payment?

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Most lenders will accept down payment funds that are gifted from family. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan.

Most lenders will accept down payment funds that are gifted from family. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan. Where the mortgage requires mortgage loan insurance, Canada mortgage and housing corporation requires the gift money to be in the purchaser’s possession before the approval. See ‘what is mortgage loan insurance?’ for further information.

Ian Clark Mortgages

Ian Clark Mortgages

“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”

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“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”

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