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How much of a down payment can be a gift for a conventional loan home purchase?

by JCuervo from Tijeras, New Mexico. Mar 27th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,414 contributions

all of your down payment can be a gift so long as it can be documented.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 27th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,815 contributions

If your total down payment is at least 20%, all of it can be a gift from a qualified family member. If you are putting less than 20% down, most lenders require the borrower have a minimum of 5% in the transaction. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 29th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

If the gift is less than 20% down you would need to use some of your own funds. I am here in the Albuquerque area and would be happy to give you more information specific to your transaction. Feel free to call or email me. Charlie Sparks 505-350-3745 or csparks@gencormortgage.com. NMLS# 195031 Thank you

Mar 27th 2013
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

For a conventional Loan, any down payment 20% or greater can be funded entirely as a gift. If the down payment will be less than 20%, at least 5% must come from the borrower's own funds. Best Of Luck!

Mar 27th 2013
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Steffnie Parsons (Steffnie)
#14 ranked lender in Oklahoma - 61 contributions

All of your down payment can be gifted as long as it is documented and it is coming from a family member. Office 405-445-1091Steffnie@peoplesbankusa.com

Mar 27th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Some very good answers have been posted

Mar 27th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

If the gift and your down payment combine to make up for at least a 20 percent down payment, you can use gift money entirely. But if you are going to be paying less than 20 percent of a down payment, you will have at least 5 percent of the down payment coming from your funds. You will also need to be able to prove where the gift money came from.

Mar 28th 2013
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Kelly Krauth (KKrauth)
#1 ranked lender in New Mexico - 28 contributions

Everyone here seems to have the correct answer with the exception of a few. But yes it can be gifted but you may be required to contribute some of your own funds based on the entire situation. I am LOCAL here in Tijeras with you and would be happy to sit down with you and go over several programs available to you- some may not even require ANY down payment. call me anytime 286-3071.

Mar 27th 2013
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Kelly Krauth (KKrauth)
#1 ranked lender in New Mexico - 28 contributions

Continued- You can also email me at nmfavoritelender@gmail.com Iook forward to assisting you. If it is convenient, here is an online link for some general information to see what program best fits you and your needs. Please cut and paste into your browser.I look forward to being YOUR favorite lender too!https://homeloans.securesites.com/standard.html?custid=6705&b=6705

Mar 27th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

20% or more. See other answers on this forum.

Mar 27th 2013
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Hans Bruhner (Hans Bruhner)
#129 ranked lender in California - 106 contributions

you got a lot of answers but most people were not telling you the entire truth. You can have it all be a gift if it is 20% of the purchase price or more. If less than 20% you need 5% of your own funds saved. FHA allows all gift and if the money is in your account for 2 full bank statement periods where we do not see the deposit, then the money is considered yours. I only lend in CA but you have an answer from a lady in your own town so you should definitely call her. Someone who is active and gave the right answers...... winner!

Mar 27th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

As you are seeing above, it depends partly on the lender and what options they offer or have access to. 100% can be a gift but only from immediate family.

Mar 28th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

If the gift is over 20%, all of it can be a gift. If the total downpayment is less than 20%, the buyer must put in at least 5% of their own money. The rest can be a gift. On FHA, regardless of downpayment size, all of it can be a gift. www.JoeMetzler.com

Mar 28th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

Updated guidelines now allow for the entire down payment to be a gift on a conventional loan, although this option requires a strong application (good file, low debt to income ratio, higher credit scores). In MN, WI, and SD, visit www.MortgagesUnlimited.biz for more information

Jun 13th 2014
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Chris Hazlewood (chazlewood@cbcnationalbank.com)
#107 ranked lender in Georgia - 3 contributions

Your entire down payment can now be gifted

Apr 18th 2017
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

As much as you want as long as the gift is coming from a family member. Let me know if you have any further questions or are in need of a pre-approval. I can usually issue you a pre-approval within an hour. P: 888-320-7888 - www.MortgagesforAmerica.org - ken@mortgagesforamerica.org - Ken Burrows

Mar 27th 2013
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