Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. 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, we’ll need to verify that you have at
least 5% of the purchase price in your own assets. Prior to closing, we’ll verify that the donor had the funds to give (typically thru the donor’s bank/asset
account statement). In addition we will need to 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.