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The Ins and Outs of Gifted Down Payments
Posted by Infinity Admin on
Buying a home is an exciting journey that often comes with financial challenges, especially for first-time homebuyers. One common hurdle is accumulating the down payment required to secure a mortgage. However, many aspiring homeowners may not be aware that they have the option of receiving a gifted down payment. In this article, we'll explore what gifted down payments are, how they work, and the key considerations.
Understanding Gifted Down Payments
A gifted down payment refers to funds provided by a family member, friend, or relative to help a homebuyer cover the initial payment required when purchasing a property. In Canada, this down payment is typically set at a minimum of 5% of the home's purchase price, although a higher percentage may be…
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