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Updated almost 12 years ago on . Most recent reply

User Stats

81
Posts
39
Votes
Ross Bernard
  • Real Estate Agent
  • Durham, NC
39
Votes |
81
Posts

Using Gift Money as Down Payment

Ross Bernard
  • Real Estate Agent
  • Durham, NC
Posted

I am trying to buy a SFH investment property, but have hit a major snag. I have $35,000 for a down payment but it was a gift from my parents. Lenders are telling me gift money cannot be used as a down payment for investment properties. Is there any way around this? The only suggestion Ive received was to take money out of my IRA (absurd).
Its so ridiculous because I have a credit score of 754, $37,000 in my IRA, a steady job, and I can't get a loan.

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