Joe Metzler (JoeMetzler)
#21 ranked lender in Minnesota - 3,262 contributions
If depends on a few factors. If it was a check, or other document you can prove, you can generally use it right away, but the person who gave it to you will need to sign a gift letter. They 'may' also have to prove they had the money to give (their bank statement) depending on what type of new loan you are doing (FHA loan for example). If it was cash, you'll need to put it in the bank, and wait until it has been in the account at least 60-days to use it for down payment.