Can parents take out a home equity loan to gift you for downpayment or closing costsI'm buying a single family home wondering if my father can take out a home equity loan and gift it to me and is there a limit to gifting. The bank I will be going though is Wells Fargo Home Mortgage Chicago IL.December 27 2013 - Chicago00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.