Article Courtesy of wsj.com
By Amy Hoak
Coming up with a down payment is often a first-time home buyer’s biggest challenge. That’s why many of them get a little help from relatives or friends. In 2010, 27% of first-time buyers received a gift from a friend or relative to use toward their down payment. That was up from 22% in 2009 and 23% in 2005, according to statistics from the National Association of Realtors.
1. You may need to put down some money of your own.
2. Gift documentation is a must.
3. You don’t need to document when gifts are ‘seasoned.’