Gift Downpayments on Home Purchases in Connecticut

Hello everyone this is John Vecchitto, a local loan officer with North-East Financial located in Middletown, CT. Are you someone who feels “stuck” paying rent every month? Have you considered purchasing your first home, but were worried about the down payment or closing costs? You have an option!

Here at North-East Financial we allow a borrower to receive a gift for the down payment, closing costs, or both! A gift is defined as funds from an immediate family member towards the costs of obtaining a mortgage without expected repayment. So if you can convince your parents or family to help you out, you’re in luck! Here’s some information we would need to use the funds as a gift:

• The address of the subject property being purchased
• The donor’s name, address, and phone number
• The donor’s relationship to the client
• The amount of the gift
• A statement from the donor that no repayment is expected
• A copy of the check from the donor

Please keep in mind that this gift is not to be treated to as a loan. The donor and client recognize that the money is a gift, and no repayment is expected.

So if you’re someone who is interested in purchasing your first home, give me a call today to go over all your options. Feel free to call my cell, 860-918-0251, or send me an email at johnv@northeast-mortgage.com. Thanks!