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I'm getting a gift from someone else. Is this an acceptable source of my down payment?


Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower or is a non-relative that shares a familial relationship with borrowers. We'll ask you for the name, address, and phone number of the gift giver, as well as the donor's relationship to you.
 
If your loan request is for more than 80% of the purchase price, there is not a minimum contribution from the borrower’s own funds. If the property is a 2–4-unit principal residence or second home and more than 80%, the borrower must contribute 5% of their own funds.
 
Prior to closing, we'll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

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