Costello Real Estate & Investments Blog | Costello REI

How to Buy a Home Using Gift Funds

Gift funds are used often for purchasing a home. Typically, the gift is given by a parent or grandparent. If you're in a situation where you plan to use gift funds for buying a home, you should understand how this works.

It's not as straightforward as accepting the gift and buying the home. Nothing in real estate is ever that simple. Here's a quick guide to help you understand how to use gift funds when buying a home.

Who can Give you Gift Funds?

Before you go any further, it's important to understand where you can get gift funds from. This will depend on the mortgage program you plan to use.

Those using a Fannie Mae, Freddie Mac or VA Mortgage program, also called conventional loans, will only be able to receive gift funds from an immediate or close extended family member. If you plan to use an FHA mortgage, you will have more options for gift funds including:

  • Family or close extended family
  • Government agencies
  • Nonprofits
  • Employers
  • Labor unions

You will want to make sure you check the HUD guidelines when it comes to the labor union or employer option, however.

How much of Your Down Payment can be from Gift Funds?

When you plan to use gift funds to buy a home in Charlotte, you need to know how much of your down payment you can pay with these funds. If you're after a conventional loan, you can use gift funds for your entire down payment.

Those seeking a VA home loan or FHA loans will also be able to pay the entire down payment through gift funds. However, if you have a lower credit score, you may have to pay some of the down payment in cash.

Getting Your Gift Letter in Order

Before you can use gift funds for a down payment, you will need...

Enjoy Professional Sports in Charlotte Year-Round

Moving to Charlotte means you can enjoy professional sports all year. The city is home to several professional sports teams providing hours of entertainment every single year. Here's a look at the professional sports teams you can enjoy in Charlotte.

Charlotte Hornets

The professional NBA team known as the Charlotte Hornets made its' home in Buzz City in 2014. They are a member of the Eastern Conference in the Southeast Division. Michael Jordan one of the owners and has the controlling interest.

The Charlotte Hornets play their home games at Time Warner Cable Arena found in Charlotte Center City. If you love basketball, season tickets may be the right choice when you move to Charlotte, North Carolina.

Carolina Panthers

The NFL team found in Charlotte is the Carolina Panthers. The team trains at Wofford College in Spartanburg, South Carolina, but they play their games in Charlotte. The Panthers have had great success in the NFC South division.

As an expansion team in 1995, it only took the Panthers 9 years to make it to a Super Bowl. They play their home games at Bank of America Stadium. If you're moving to or already live in the Third Ward neighborhood, or another Uptown neighborhood, you will likely be able to walk to the home games.

Charlotte Checkers

If you love hockey, you're in luck. The Charlotte Checkers is a minor league professional hockey team. They play in the Midwest Davison of the Western Conference in the AHL or American Hockey League. They are an affiliate...

A Closer Look at Charlotte's Top Farmers Markets

Buying local is more than a trend. It's great for the economy and often means you get a fresher product.

Charlotte is home to many farmers markets offering plenty of fresh produce and other items. With more than 30 farmers markets in the area, just about everybody can find one nearby.

When you're searching for fresh fruits and vegetables, homemade bread, local artisan cheese and other food products, you need to know where to go. Here's a look at the best farmers markets found throughout Charlotte.

The NoDa Farmers Market

A great choice for customers to connect directly with local farmers, the NoDa Farmers Market offers plenty of local items, such as fresh bread, mushrooms and cheese. They even have a list of recipes you can check out before you shop.

The market is located at the NoDa Company Store at 3221 Yadkin Avenue in Charlotte. It's open every Saturday from 9am to 12pm.

Mint Hill Farmers Market

If you live in the Mint Hill area, you will want to check out the unique Mint Hill Farmers Market. This is a historic site found in the Carl J. McEwen Historical Village. The market carries all types of locally grown foods, along with baked goods, native plants and even some home furnishings.

The Mint Hill Farmers Market is found at 7601 Matthews Mint Hill Road and it's open from 9am to 1pm on Saturdays from May to October.

Providence Produce Markets

There are actually five Providence Produce Markets in the Charlotte area. These markets offer all types of inexpensive fresh produce and they even donate fruits...

Charlotte Listed at One of the Best Cities for Real Estate Investment 2018

In November 2017, released a study naming Charlotte as one of the "Top 10 Cities for Real Estate Investment in 2018". The study looked closely at the affordability and growth of many cities across the United States. Whether you're looking to buy as a real estate investment or put down roots, Charlotte is one of the best places you can live right now.

Renoviso looked at several specific factors in this study including:

  • Capitalization Rate
  • Job Growth Ranking
  • Single-Family Home Price
  • Population Growth Percentage

These factors were used to rank the best cities for real estate investment in 2018 and Charlotte was found in the fourth spot on the list.

Why is Charlotte Ranked 4th?

Called, "a city on the rise," by Renoviso, Charlotte took the fourth spot due to many new attractions and restaurants bringing in visitors and new residents to the area. In addition, the CAP rates are about 6.8%, which is due to the fast-growing population and the many job opportunities found throughout the city.

Single-family homes are also rather affordable with an average price of $234,400. This makes it a profitable place to invest and a great place to buy, even if you're not planning to invest.

Charlotte also scores points for the unique feel of the city with plenty to offer those relocating from other parts of the country.

Raleigh, NC Comes in 2nd

Along with Charlotte, Raleigh, NC made the list at the second spot. This makes North Carolina one of only three states with multiple cities on the list.

Even though ...

Upcoming Event: Taste of Charlotte

The Taste of Charlotte will be one of the premier events of the summer. This year, it will be presented by Food Lion and held from June 8th to 10th.

This three-day festival will include more than 100 samples from local restaurants, plenty of live music and entertainment, cooking demonstrations, great shopping options, children's activities, street performers and more. It's a free event open to the public and a great way to discover new, exciting restaurants all throughout the city.

The Restaurants

With more than 100 samples available, there will be plenty to choose from. Restaurants committed to participating in the Taste of Charlotte 2018 include:

  • Sunflour Baking Company
  • City Barbeque
  • 204 North Kitchen & Cocktails
  • Queen City
  • Holler & Dash Biscuit House
  • Fidelli
  • American Burger Company
  • Carolina Ale House
  • Brixx Wood Fired Pizza
  • Famous Chubz Chiliburgers
  • Libations Kitchen & Bar
  • Newk's Eatery
  • Caffe Siena
  • Mister B's Crab Pot
  • Lindy's Homemade Italian Ice
  • And Many More!

All of the restaurants will be entered into the Best of the Taste Competition. On Friday, judges will spend time sampling around 100 menu items and will be choosing the winners in each category.


UBER Eats will be presenting a number of great acts on the Main Stage including:

  • Randy Franklin & The Sardines
  • Cycle Bar
  • Woodie & the String Pullers
  • Kids In America - A Totally 80's Tribute
  • 7 Days Band
  • Urban Cardio Dance Company
  • Caroline Keller Band
  • New Local
  • Party of 6
  • Sezessionville Road
  • And More!

Along with the main stage, live entertainment...