If the gift giver is related to you or is your co-borrower, then yes, this is an acceptable form of a down payment. We ask that you provide us with the name, address and phone number of the gift giver, along with disclosing their relationship to you.
We will also have to verify that you have at least 5% of the property’s worth in your own assets if your loan request is for more than 80% of the purchase price of your new home.
In order to verify that you have deposited the gift funds into your account prior to closing, we will need to obtain a copy of your bank receipt or deposit slip.
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