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Gift Money For Down Payment

It’s common to see a home buyer very interested in buying a home, but may not have enough money for the down payment.

Gifted money is typically an acceptable source for the down payment.  You can have the funds gifted to you before or during the mortgage process.  There will be a paper trail necessary to verify the funds came from an eligible source.  Here is a list of acceptable sources that can gift you money for the down payment:

  • Family
  • Significant other you have been living with for a minimum of 1 year.
  • Employer
  • Charitable organization
  • Government agency providing homeowner assistance programs.

The minimum down payment can vary from each mortgage program.  Many people are still not aware of how much of a down payment is necessary.  Here are the results of a survey that shows what people think how much of a down payment they need:


Here is a list of some minimum down payments for home loan programs:

Conventional = 3% Minimum Down Payment

FHA = 3.5% Minimum Down Payment

WHEDA = 3% Minimum Down Payment

USDA = 0% Minimum Down Payment

VA = 0% Minimum Down Payment

Follow the link to each program to learn more about them on each page.


This blog is intended for informational purposes only. Waterstone Mortgage is not responsible for the content of the blog and makes no representation about the accuracy, reliability, or legality of the information provided by the presenter. Any views and opinions expressed do not necessarily state or reflect those of Waterstone.

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