The answer to this question is a resounding: Yes. Lenders these days realize that coming up with the money needed for a down payment or closing costs is no easy task, which is why many borrowers are able to factor in monetary gifts with their own contributions. See this FAQ to learn more about how much money you’re allowed to accept.
While it’s perfectly acceptable to accept a monetary gift, you are only allowed to accept these gifts from certain donors. Who the donor is depends upon the mortgage product. See below;
To learn more about specific mortgage requirements, be sure to speak with an experience mortgage broker.