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Can I Give Spouse 401k Gift for Down Payment on Home?

Can I give my husband money from my 401(k) as a gift for a down payment on a home? I am not going to be a borrower on the loan because I have a low credit score.

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

In short, if you are not a co-applicant on the mortgage and you give your husband money from your 401(k) for a down payment on the home then it is technically considered a gift. Giving your husband a down payment gift should not create any issues as long as you follow the lender's guidelines for down payments gifts. Lenders want to confirm the source of your down payment funds, especially if all or part of the funds comes from a gift. We provide a comprehensive overview of the down payment for a mortgage including how to use a gift for a down payment on FREEandCLEAR for you to review. We also provide an informative explanation of how to use money from your retirement account to buy a home that you may find useful.

Please note that if you are not on the property title and not a co-applicant on the mortgage then you will hold no legal ownership in the property and no legal obligation for the mortgage. You may want to consider being added to the property title after the mortgage closes through a quit claim deed or similar process.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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