We repeat this often b/c such a large proportion of our borrowers purchase properties with “gift funds” for down payments and closing costs.
A “donor” or a person gifting funds can be almost anybody, including an aunt, an uncle, a sibling, a parent, or a grandparent. Lenders do not verify the authenticity of the relationship.
While “donors” are supposed to be related to the borrower, the actual “relation” can be pretty loose. Almost anybody can be an aunt or uncle for example. In other words, almost anybody can be a relative, able to gift funds.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646