Conventional borrowers can put verified
gift funds toward a down payment or closing costs with some restrictions.
Not exact matches
To avoid the awkwardness of asking for cash
gifts, try explaining to family and friends ahead of time that you've decided to avoid graduating with extra debt and are applying any
funds you receive
toward keeping your loan balance low while in school.
Positive reinforcement (
gift for achieving a goal)- If you have set goals for yourself like weight - loss, debt payoff, academic achievement, etc., put the
funds toward your «reward»
Or, since the
funds have to be withdrawn anyways, they can go
toward special lifestyle expenses such as a vacation or
gifts for the family.
You can choose to put your challenge savings into your emergency
fund, invest it, put it
toward debt as a lump sum payment at the end of the year, or to pay for Christmas
gifts for your friends and family.
More recently, the notable
gifts of
funds from the Contemporary and Modern Art Council have contributed
toward the acquisition of significant artworks including examples by Dan Flavin, William Kentridge, Yinka Shonibare, and Kara Walker.
Not only did we see dedicated involvement in
gift giving, golfers and volunteers, but I am also incredibly proud of our sales offices and the hundreds of people who participated across multiple states to support the cause by holding their own unique events to raise additional
funds toward our effort.»
Funds used
toward closing costs can come from different sources, such as
gifts from a family member.