Home Down Payment Gift

Posted at 12:33 PM, Apr. 4, 2007

U.S. Rep. Dave Weldon Republican of Florida is going to introduce legislation that if passed would allow relatives to give a gift equal to 20% of the down payment of a home, as long as the price of the home is no more than 110% of the local median price.

This would be a big boost especially to the first-time homebuyer market. Although the real estate market is slowly beginning to rebound, this would be a nice incentive to help increase homeownership.