Posted by TomG on June 15, 2002 at 06:22:52:
It all depends on the lender. Some will required what is called “seasoned funds” usually meaning that you can prove that you have had this money for 2 months according to your bank statements. Some will not require this and will allow a “gifted” down payment. One that I deal with is Bank of America, they have conventional loans that allows gifts. Chase Manhattan Mortgage is also starting to do some conventional deals with us. Also, instead of borrowing these funds from your relative then repaying with interest, you could allow my company to give you a free grant that you do not have to repay. www.neighborhoodgold.com feel free to ask me questions after reading the website.