Posted on: 21st Mar, 2013 12:25 pm
who can give me a gift equity, and how can i proved
Welcome BIANCHI,
It should be noted here that when you sell a home to a relative or someone with whom you have a prior relationship, for less than the market value, that is called a gift of equity. Lenders may count the equity gift toward the down payment.
It should be noted here that when you sell a home to a relative or someone with whom you have a prior relationship, for less than the market value, that is called a gift of equity. Lenders may count the equity gift toward the down payment.
It also important to know that gift of equity comes with some tax implications, therefore it is helpful to consult an accountant or tax attorney before accepting such a gift.