Some of our Michigan mortgage programs offer solutions, especially when it comes to gift funds when purchasing a property.
Gift Funds From Related or Unrelated Persons
Under our Michigan home loan guidelines, borrowers may use gift funds from both related and unrelated persons as a legitimate source of down payment or closing cost funds. Whether the gift comes from a family member, friend, or another party, these funds can help make homeownership possible.
Special Provision for Wedding Gifts
If you’re recently married, we have even better news. Any deposits made into your bank account within 90 days of your wedding can be treated as acceptable gift funds, provided they are related to your wedding celebration. To verify the source, a copy of your marriage certificate or license is required. This flexible policy makes it easier for newlyweds to turn their wedding gifts into a path toward homeownership.
Our experienced Michigan lending team can help you understand how to properly document gift funds, ensure compliance, and maximize your eligibility for Michigan home loans. Contact our office, we’d love to help.
