Your down payment must be your own money or money obtained from the sale of your current home. You can draw money from your savings, and monetary gifts from a family member are permitted. However, the money cannot be borrowed from a family member, a bank, or any other funding source that you will need to repay. That also includes borrowing against an asset such as a CD or life insurance policy.
Are there restrictions on how I can get money for my down payment?
Share
