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I'm getting a gift from someone else. That's OK?

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Everyone loves gifts, right? A gift for a down payment on a home is even better. Receiving gift money is completely acceptable for home down payments, provided the money comes from your relative or your co-borrower's relative.

When we're processing mortgage applications, we want to know where the money for the down payment comes from. We'll ask you for the gift giver's name, address and phone number – and we'll need to know their relationship to you. (Chances are, “long-lost uncle” won't fly here but, hey, it happens.)

Before you close on your loan, we'll make sure that the gift funds were transferred into your bank account. Providing a deposit slip or bank receipt typically solves this.

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