Dianne Drinkwater, Berkshire Hathaway Homeservices Florida Network RealtyPhone:
Email: [email protected]
Email: [email protected]
Potential homebuyers with generous connections may benefit from using gifted down payment funds. With a down payment gift letter, you can provide the money for a down payment to your mortgage lender even if it was obtained as a gift.
Here are some of the common questions and answers about payment gift rules in real estate:
A down payment gift is when somebody contributes their own funds to help you afford a down payment for a mortgage. Mortgage lenders have specific rules about down payment gifts, including requirements for proving receipt of the funds.
For conventional loans, acceptable gift funds must come from relatives. This includes parents, grandfathers, siblings, kids, fiancés and spouses. It can also include relatives via adoption or guardianship.
Other loans – such as those offered by the Federal Housing Administration – provide more freedom to give money as a gift. A down payment gift can also come directly from employers, unions, charitable organizations or other non-family members.
A gift letter is an official document proving the money for the down payment is actually a gift and not a loan. It must have information for both the giver and recipient, including contact information, source of funds and specific instruction for what the gift funds can be used for.
While you might not have to pay taxes on gift money, you may be required to declare it if it's over a certain amount. Any payment gift amount of $15,000 or more must be reported to the IRS.
Using gift money can be an excellent option for affording a down payment on a new home. As long as you follow the rules for your specific mortgage lender, a mortgage gift letter can be your ticket to home ownership.
Dianne is a full time, full service, state licensed Realtor®, member of Northeast Florida Regional Association of Realtors® (NEFAR), St. Augustine/ St.Johns County Board of Realtors, National Association of Realtors® (NAR), Florida Association of Realtors® (FAR), and Northeast Florida Regional Multiple Listing Service And St. Augustine/St. Johns (MLS), Shearwater Certified, and Military on the Move Designation.
She provides a unique blend of leadership, sales acumen, project management, technology, and world class customer relation skills to enhance Watson Realty Corporation's values in the real estate sales and mortgage marketplace. She is a decisive take action solution-oriented professional with 25+ years of progressive business experience who efficiently utilizes technology to improve results. She has lived in the St. Augustine/Jacksonville area since 2005 and has seen the area continue to flourish and stays well informed of future growth plans within Northeast Florida.
Let's take a look at the lighter side of Dianne. She loves life is artistic loves music, the arts, yoga and genealogy! She loves to explore and hates to be bored. She loves the outdoors, especially plant life and wildlife. She has been a Master Gardener in Florida and Maine; as a photography enthusiast she has the eye to spot the perfect shot, which spills over to the photos she makes of the properties she markets AND frequently hires the best specialized real estate photographers/drone and videographers who make the difference in the sale. And, she loves to share her knowledge of the local real estate market and all aspects of the process to guide you through each step as a coach rather than a salesperson.
So, let's sum it up. Buying or selling your home is an important life decision. Reasons can vary greatly from change of lifestyle, to relocation or life challenges. You need someone you can trust, count on, respect and help shoulder the stress, anxiety and time commitment involved. Doesn't this sound like someone you want working for you?
So, what's the next step? Contacting Dianne of course. It is all about YOUR needs, goals, timeline and DREAMS! She's here to help you achieve them and she looks forward to hearing from you.
What are you looking for in a Realtor? - Someone who will really listen to your wants and needs? Someone who will expertly market your home until the SOLD sign adorns your front lawn or if you are a buyer tirelessly researches your wish list to find that perfect home? - How about someone who will always be honest, holds ethics in high regard as a realtor, who works aggressively to get you the best price for your home and someone who knows the market?
Selling or buying a home is a partnership with your trusted advisor- Dianne Drinkwater