The 1870 Corbett Building was the first fully cast-iron fronted building in the city. It was also the only building to have its cast-iron pieces come from Baltimore, shipped around Cape Horn. Demolished two years after this photo, it was on SW 1st Avenue between Alder and Washington.
Who Is Allowed to Gift Money
Gift money may come from a family member. Some lenders will stretch that to include a fiance/fiancee. Friends are not allowed to gift the down payment. Why? Because lenders believe that your parents, a grandparent, or even a brother or sister would give you cash without expecting it to be returned. But a friend? No, lenders don’t think friendship stretches that far, and that it would actually be a secret loan. Remember, borrowed money cannot be used for a down payment.
What the Gifter Has to Prove
Lenders have a form Gift Letter that the person donating the funds must fill out and sign. In addition, they have to…
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