I am receiving 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. We will 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 will need to verify you have at least 5% of the property's value in your own assets.

Prior to closing, we will verify the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify you have deposited the gift funds into your account.