Happily Ever After: How to Use Wedding Gift Funds for Your First Home

For newlyweds looking to purchase their first home using conventional financing, those thoughtful wedding gift funds can be more than just tokens of love and support – they can be a significant financial boost towards homeownership!

While it’s not uncommon for first-time homebuyers to use gifted funds to purchase a home, lenders may require specific documentation to prove that the funds were a gift and not another loan. Typically, gift funds of any kind can be provided by either of the following:

  • A relative, defined as an individual who is related by blood, marriage, adoption or legal guardianship.
  • A non-relative that shares a familial relationship with the borrower, such as a former relative or a godparent.

Gift funds will not be accepted if they have any affiliation with the property seller, the builder or developer, the real estate agent or broker, an affiliate company or any other party that may benefit from the sale of the property.

If you received a generous gift on your wedding day that you would like to put toward a new home, know that some loan programs will have additional requirements, such as:

  • The purchase must be for a primary resident.
  • The gift funds must be deposited within 90 days of the marriage.
  • The borrowers must provide a copy of the wedding invitation, marriage license or certificate.

Please note that different loan programs will have varying requirements regarding gift funds.

As you begin building your new life together, be sure to consult your Pulte Mortgage Loan Team on how you can use gifted funds toward your new home!