Can My Parents Gift Me My Down Payment?
CAN MY PARENTS GIVE ME A GIFTED DOWN PAYMENT?
Yes, generally speaking, parents can gift you all or part of your downpayment towards your purchase.
In order to satisfy lender conditions around gifted down payments, a few things required:
1. You must get a signed gift letter from your parents and you. Most lenders provide their own template with their own letterhead. The letter states that the money is, in fact, a gift and doesn’t have to be repaid.
2. You will need to show the gifted funds being deposited into your bank account. A full 90-day history of the account that the funds are deposited into is required.
3. In some cases, the source of the gifted funds needs to be provided as well. This means a full 90-day history from your parent’s account showing the gifted funds being transferred into your account.
For more info see What is the minimum down payment to buy?