If you’re getting married, one of the next major events in your life is probably purchasing your first home together. In fact, you may want to use the cash gifts from your wedding towards your down payment. Below is some helpful information on using wedding gift funds to purchase a home in Massachusetts or New Hampshire.
Can Gift Funds be Used to Purchase a Home?
You may have previously heard that gift from family members are allowed for certain mortgage programs like FHA and VA. However, wedding gifts likely come from both relatives and those unrelated to you. Do those gifts qualify too? The answer is yes; all wedding cash gifts can be used to purchase a home (under qualified mortgage programs) if you follow certain procedures.
First, be sure to deposit the funds to a bank account in your name. Secondly, funds must be deposited within 60 days of the marriage date, as noted on your marriage certificate. It’s important to also mention that these rules for using wedding gift funds to purchase a home apply to primary residences. There are different rules for investment properties.
Your mortgage lender will ask for certain documentation when using wedding gift funds to purchase a home. First, you must provide a copy of your marriage license or certificate. Secondly, you will be asked to furnish bank statements showing the deposits. As mentioned above, the deposit dates must be within 60 days of the marriage.
Other Information on Using Wedding Gift Funds to Purchase a Home
Having proper funding is just one of many factors in obtaining a mortgage. Whether you’re interested in using wedding gift funds to purchase a home or have questions about other mortgage requirements, give me a call! I am happy to guide you through the process, identify loan programs that best meet your needs, and work with you every step of the mortgage approval process.