Who can give me gift funds for a down payment?
Who can gift down payment funds depends on the loan. On conventional loans, the money must come from a relative or, in some cases, a domestic partner or fiancé. FHA is broader, also allowing close friends with a clear interest in helping, plus employers and approved organizations.
The gift must be documented with a letter and a paper trail. We'll tell you who qualifies as a donor for your specific loan and how to paper it correctly.
Accepted donors by loan type
It varies by loan. FHA is the most flexible. It allows gifts from family, an employer, a labor union, a close friend with a clear interest in you, or an approved charity. Conventional loans mostly limit gifts to relatives.
A relative can be a parent, grandparent, sibling, child, aunt, uncle, or in-law. The donor cannot be anyone tied to the sale, like the seller, builder, or real estate agent.
Proving the gift is clean
Every donor signs a gift letter stating the money is a true gift with no repayment. We also document where the funds came from with a bank statement or transfer record.
Line up your donor early so the paper trail is ready before closing. We send the gift letter template and walk your donor through it. Apply when your funds are in place.
Verify the details for your own situation against these government and agency sources: Florida Housing homebuyer programs and CFPB Owning a Home guide.