I'm getting a gift from someone else. Is this an acceptable source of my down payment for my mortgage?
Yes, gifts can be an acceptable source for down payment money. They must be from an approved donor, such as a family member or spouse, and will require documentation to verify the source of funds and the transfer of the funds from them to you.
A donor may not be, or have any affiliation with, the builder, the developer, the real estate agent, or any other interested party to the transaction.Gifts are not currently allowed on loans for investment properties.