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Is a gift an acceptable source of my downpayment?

April 26, 2017acceptable downpayment gift source

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Is a gift an acceptable source of my downpayment?

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Gifts are an acceptable source for part of the downpayment, if the gift giver is related to you or is your co-borrower. The lender will ask you for the name, address, and phone number of the gift giver, as well as the donor’s relationship to you. Prior to closing, the lender will need a copy of your bank receipt or the relevant deposit slip to verify that youve received the gift funds and deposited them into your account.