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CASE STUDY: GIFTED DOWN PAYMENT


Gifted Down Payment

MEET KRISTA & JASON

First-time homebuyers and newlyweds are excited to embark on their journey to homeownership. Jason has worked as a firefighter for the last ten years. He and his new wife, Krista, are looking to purchase their first home but used most of their savings for their wedding last Fall. Krista works as a Director with a financial firm earning $135k/year. Jason earns approximately $90k/year. Together, they have around $65K in savings towards their new home, but given the area they’d like to purchase, their savings won’t cover the 20% down payment they would like to put down.


Documents Required:

  • Letter of employment Recent pay stubs

  • Past two years' income tax documents

  • Signed and completed gift letter Confirmation of gift deposited Any additional supporting documents


Down Payment Breakdown Krista’s parents are happy to help and would like to give their daughter and new son-in-law $100k towards their down payment (a gifted down payment). They see it as an “early inheritance” and love the idea this way; they ensure their kids use the money towards a smart investment. Jason’s Uncle would also like to help and can gift him $25k. The family is comfortable providing a signed gift letter, and Jason provides supporting documentation of the deposited funds. It’s THAT simple! Krista and Jason now qualify for the home they’ve always wanted.


Income Breakdown We collect all the necessary documents, including recent job letters and pay stubs for Krista and Jason, run the numbers and ensure their ratios are in line. If the ratios don’t fit inside the box, we can access over 57 lenders and flexible options.


Have questions? Give us a call at (705) 429-5492 or book a time with us online at www.MullenandMullen.ca. It’s not just a Mortgage...Financial Solutions for All Life’s Moments.

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