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Updated over 2 years ago on . Most recent reply

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Heather Tobias
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Which banks accept gift downpayment for an investment property

Heather Tobias
Posted

I live out of state, but I want to purchase a multifamily home in Ohio as a rental property.

My brother wants to gift me the majority of the down payment, and he plans to be on the title with me, but I am having a hard time finding a bank that will accept a gift as a down payment for a loan on a rental/investment property.

My brother doesn't want to be on the loan because he is currently getting another loan for a different property he is purchasing.

Does anyone know of a bank in Ohio that would accept a gift for a downpayment for a loan on a rental property?

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