Often yes. Most loan programs allow gift funds from family toward your down payment and closing costs. The rules depend on your loan type and your down payment, so ask your lender first.
What lenders usually want
- A signed gift letter stating the amount, the donor and that no repayment is expected.
- Proof of the transfer, such as bank statements from the donor and from you.
- The gift in your account in time for underwriting, not on settlement day.
What to avoid
- A loan disguised as a gift. If it must be repaid, tell your lender.
- Large cash deposits with no paper trail.
- Moving the money at the last minute.
Taxes
Large gifts can carry tax reporting for the person giving the money. Ask a tax professional before the gift is made.
Tell us early
Gift funds affect how fast you can write a clean offer and how you show your strength to a seller. Read what a down payment is too.
Part of our guide to making an offer in Virginia.
Talk to Glenn and Gift before you sign
Questions about your offer or contract? Call 703-707-0334 or send us your question.
General information for Northern Virginia buyers, not legal, tax or financial advice. Loan rules change. Confirm with your lender. Your contract controls.
