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,
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