Chosen by Asker

Yes, you can't borrow down payment anymore. Also any gift funds must be tracked- we get the gifters bank statements to show they have the money to give, we then track the deposit to your account & have to have a gift letter. They will check inquiries on credit & if you have a new loan that's a red flag.

Source(s)

23 years mortgage lender.

by Beverly S

1 month ago

Asker's Rating: 

Many lenders will not allow you to use gift money if it is not from a true relative (brother, sister, parent, grandparent, aunt, uncle, etc.). You need to ask your lender if they will accept a gift letter from your boyfriend.

by spalmer- 1 month ago

Generally most lenders won't allow you to have a cash gift, and I believe the FHA requires the gift to be from a family member or a non-profit. There are specific guidelines. If they do allow your boyfriend to gift you the money, he will likely be required to provide copies of his bank statements before and after the withdrawal, as well as a copy of the cashiers check. You will also have to show proof of the depost. Check out www ... for info. Search "gift" and it will give you basic guidelines.

by Snarky's Wife- 1 month ago

Well if only your name is on the loan, and only your name is on the deed and you are not married to your boyfriend. Honestly -- he's the one who should be asking ths question because he is more at risk of not getting the money he gave you back. You are good. According to the law you own the house and it's solely yours. He really has no right to the property even though he did put in some money (unless you drew up some legal aggreement). So he's the one who needs to cover his behind just in case you decide to break up. If you were married. He would be entitled to half the value by law. So right now. You are good.

by Just BN Me- 1 month ago

Gift funds must come from a blood relative and there must be a paper trail showing where it came from. However, if you want to gte creative, you could sell your boyfriend something, like furniture, or a car, and have a copy of the "receipt" you give him and then deposit the money in your account. Then it's not a gift :-) You're welcome!

by Lone- 1 month ago

actually, you CAN use a gift as a down payment. that's what we did, with an FHA loan. if you are getting an FHA loan, your lender will require the gifter to take a form from HUD to the their bank and have it notarized, stating they have the funds available to give to you and that it doesn't have to be paid back. they will also require a copy of the check given to you as well as your bank statement showing the deposit.

by I gotz that wicked clown love- 1 month ago