Hi there, just had a question about downpayments. I understand that most lenders do not allow or are wary of downpayments where some part of the downpayment is borrowed by the borrower.
In my situation, I received a gift from my parents. The gift itself came from a loan my parents took out and are paying off. (I am not on the loan.) Is this something that will cause an issue with lenders? I deposited the gift funds several months back and I am currently in the process of purchasing a property. I am approaching the end of my loan contingency period so I just wanted to know if this is something that could cause an issue.
Thanks in advance for any advice and Happy Thanksgiving to everyone.
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source https://www.reddit.com/r/RealEstate/comments/e36zvn/ca_downpayment_with_funds_borrowed_by_someone_else/
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