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In response to
"Don't we have some financial people here? Question about my dad gives me a cash gift for a down payment on a house."
by
sycor
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Another thing: Double-check any loan or mortgage documents.
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Some mortgage contracts (or even some supporting loan documents) include a provision requiring the borrower to confirm that their down payment was their own earned income, not a gift from someone else. Or sometimes even "windfall" gains (like inheritance or winning a lottery) will be excluded.
In other words, make sure you read the fine print and consult with a licensed realtor or attorney.
DISCLAIMER: This communication does not constitute specific legal advice. Please consult an attorney for such advice. But I'm offering some key information for you to ask good questions of those professionals you do consult with. ;-)
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