MUST BE SURE TO FOLLOW IRS & LENDERS’ GIFT-GIVING RULES.  (1)  homeowners still need to come up with at least some of the down payment on their own.  Fannie & Freddie have different rules & you do not know which one the loan will be sold to.  (2)  you may need to document where down payment money is coming from.  Must be signed, dated, contact info & relation of donor to borrower.  (3)  if you have had the gift a long time, you likely won’t need to document it.  If the gift has been in your bank account 3 months or longer it is considered “seasoned” and will not require a gift letter.  Source of this information is from “Rules for Gifts to Home Buyers”, Newsweek, Dec. 2011.  AGAIN MUST GET WITH A COMPETENT LENDER – ONE THAT IS LOCALLY BASED.