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Updated over 11 years ago,
Using Gift Money as Down Payment
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.