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Does a buyer have to come in with the difference if the appraisal comes in low?

Most buyers assume that they need to be ready and able to cover an appraisal gap and that’s just not possible for some buyers who have limited down payment assets.

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Can all of the down payment come from a gift and who can be the donor?

On single family homes, ANY funds needed for the down payment and/or closing costs can come from a gift. Now to cover who can gift funds to a buyer.

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“Downpayment Toward Equity Act of 2021” from Origination Pro & Housing Wire

Consumers have been closely following President Joe Biden’s proposed first-time homebuyer tax credit, but the newest form of that proposal has several significant restrictions. 

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