Is Down Payment Cash on Your Holiday Wish List?

It’s gifting season! This year, ask for what you really need: down payment help from loved ones. Just make sure you promise to host next year’s Thanksgiving at your new place.

What is HousePlant?

HousePlant helps you crowdsource down payment gifts and loans from people you know.

Simply create a custom ask to crowdsource loan offers, then pay back your family and friends on loan terms that you set, together.

How does it work?

In today’s market, homebuyers need support affording a home. Family and friends are allowed to pitch in funds, but you need proper documentation when you apply for a mortgage loan. Use HousePlant to create a crowdfunding style ask page, then share on social media and email. Make sure you let people know that this is the gift that would mean the most to you this year, and they will benefit too from cash interest on a loan, and (of course) from celebrations at your new place!

How is this documented?

If loved ones gift funds, HousePlant gives you a Gift Acknowledge Letter PDF for documentation. If you receive social loan offer from a loved one and agree on all the terms (like loan amount, payback deadline, interest rate), then you both receive a Loan Agreement PDF as well. Transfer funds to your account asap and try to have them in place for 60 days or more before applying for your loan (this is called ‘seasoned funds’ and in short, it makes the process easier). When you apply, share these documents with your mortgage broker. Viola! Boosted down payment is activated!

Great! How do I get started?

It’s never been easier for friends and family to assist loved ones with a down payment. Get started today and by next year, you can be gathering your loved ones for a meal at your new home!