A gift can be provided by:
- a relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or
- a fiancé, fiancée, or domestic partner.
The donor may not be, or have any affiliation with, the builder, the developer, the real estate agent, or any other interested party to the transaction.
See B3-4.3-06, Grants and Lender Contributions, for information about donations from entities (grants).
For additional information, see B3-4.3-04, Personal Gifts.