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Gifts as Down Payment

Down payment funding alternatives

For many buyers, especially first-time buyers, saving up the funds for the down payment can be a seemingly insurmountable hurdle to home ownership. This doesnt have to be the case. As your mortgage broker, I can help you find creative ways to come up with your down payment.

Using a gift for your down payment

One way to fund a down payment is by using a gift. For many loan programs, a gift may be used for a portion or all of the required down payment.  Money given as a gift for a down payment can come from a family member.  If this is an option open to you, please let me know.  We can help you determine which loan programs accept gift funds for down payments and who may give the gift.   I'll also supply the gift letter that the person giving the gift is required to sign.  The gift letter states that the funds are a gift and will not be paid back. Guidelines require the lender to verify the donor's ability to give with a copy of the donor's  bank statement.

Zero down mortgage loans 

Service persons and veterans can qualify for a VA Loan that requires no down payment.  VA Loans are guaranteed by the U.S. Department of Veterans Affairs.  In addition to no down payment, these loans usually offer a competitive fixed interest rate and limited closing costs.  While the VA does not issue the loans, it does issue a certificate of eligibility required to apply for a VA loan. The other option is a USDA Rural Development loan which is only allowed in certain areas and certain restrictions apply.


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First Community Mortgage provides links to external websites for convenience and information purposes only. Users should be aware that when you select an external link on First Community Mortgage site, you will be leaving our site, and those sites are not under the control of First Community Mortgage. FCM is not responsible for the contents of any kind, or any udpates or changes of any external sites, such as Alamode, Inc. As seen on Mortgageloan.com, and the Inman News Community.

First Community Mortgage

3090 Hwy 14 Ste D.

Millbrook Al. 36054

NMLS     |     FAIR LENDER     |     FAIR HOUSING

First Community Mortgage provides links to external websites for convenience and information purposes only. Users should be aware that when you select an external link on First Community Mortgage site, you will be leaving our site, and those sites are not under the control of First Community Mortgage. FCM is not responsible for the contents of any kind, or any udpates or changes of any external sites, such as Alamode, Inc. As seen on Mortgageloan.com, and the Inman News Community.