Blue Square Mortgage Empowers Families in Home Purchases Through Gifting Strategies

In a real estate landscape where purchasing a home presents formidable financial hurdles, Blue Square Mortgage emerges as a beacon of support for families seeking innovative solutions. With a legacy of over 30 years in the mortgage industry, Blue Square Mortgage is dedicated to facilitating homeownership dreams through strategic gifting approaches.

"Empowering families to achieve homeownership is at the core of our mission," says Mike Peacore, Owner of Blue Square Mortgage. "Through tailored gifting strategies, we aim to alleviate financial barriers and guide families towards their dream homes."

Gifting Down Payment Funds

A prevalent method of assistance involves gifting funds for the down payment. The IRS permits individuals to gift up to $18,000 per year (in 2024) without incurring a gift tax, enabling married couples to collectively gift up to $36,000 annually. These funds can significantly contribute to the down payment, easing the burden on homebuyers.

Gifting the Entire Purchase Price

In some instances, families may opt to gift the entire purchase price of a home. This generous gesture is particularly beneficial for first-time homebuyers lacking substantial savings for a down payment. The IRS gift tax exclusion applies, allowing individuals to gift up to $18,000 per year or utilize the Lifetime IRS Gift Tax Exemption of $13.61 million without incurring taxes.

Gift of Equity in an Existing Property

Another avenue of assistance involves gifting equity in an existing property to a loved one. By selling the property and gifting a portion of the purchase price as the down payment, families can facilitate the home purchase process.

Forgivable Loan for Downpayment

Blue Square Mortgage also explores forgivable loan options for down payments, enabling portions of the principal to be forgiven over time. This innovative approach supports families in overcoming immediate financial challenges and realizing their homeownership aspirations.

Benefits of Partnering with Blue Square Mortgage

Navigating the complexities of gifting for home financing demands expertise and guidance. With a legacy of excellence and deep industry knowledge, Blue Square Mortgage offers unparalleled service to ensure families capitalize on available opportunities and special programs for first-time homebuyers. For inquiries or to embark on your homeownership journey, contact Mike Peacore directly at (206) 352-6453.