Gifting Part of Down Payment Can be the Best Christmas Present of All
by Michelle Carr Crowe
Gifting part of the down payment can be a huge blessing for my clients, especially first-time buyers. Relatives providing $10,000 in gift funds help can make that huge transition from perennially renters to actually achieving home ownership.
I personally received down payment gift funds from my mother, Silicon Valley real estate legend, Judy Carr, when I bought my first San Jose, Calif. condo back in 1985 (at 14 percent interest by the way). Her financial generosity during a time of extreme economic troubles (we were still experiencing real estate market fallout from the Savings & Loan crisis) strengthened our relationship.
By making it possible for me to buy that first home and experience home ownership myself, she motivated me to achieve more in my career, too. Before buying a home, I was content just being a real estate marketing assistant. You could it's because of her gift fund that I obtained my real estate license.
That gift encouraged me to be more like her, to be the kind of person who could help other people like me achieve that same success, strength and sense of community home ownership I experienced.
Whether buying a condo in Cupertino, a single family home in Saratoga or any home in San Jose, first-time home buyers should explore how and whether gift funds can help them make home ownership a reality.
Are you curious about how gift funds work? Just Call 408-252-8900 and I'll be glad to talk with you and answer your questions.