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Can someone use gift money that they received from a boss to help with a down payment on a home?

My friend got a hugeeee tax free bonus (gift) from her boss, which she never has to repay. she was hoping to use this as a down payment on a home. Can this be used?
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June 03 2013 - Miami
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Answers (6)

Gift funds can come only from an independent source that is separate from the transaction and related to the buyer. This includes family members, close friends, employer, labor union, charitable institution or governmental agency. It cannot be from someone who is an interested party in the transaction such as the seller, agent, builder or lender. Gift funds must be a true gift to the buyer and not subject to repayment.

I hope that cleares it for you!  
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June 11 2013
She needs to have her own personal funds for the required FHA down payment.
==================================
Mortgage advice with being qualified or licensed; how ever do you explain that to your E&O?

Your "answer" is just wrong. 


Can this be used?
===========================
A gift from an employer is acceptable. So is  a bonus, etc. (note: a salary advance is not acceptable since it is akin to a unsecured loan)  



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June 11 2013
She needs to have her own personal funds for the required FHA down payment.
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June 03 2013
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Here is an response: If it was a "Gift" from her employer - with NO taxes held out - this is NOT OK

Gift Funds can only received from "Blood Relatives"

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June 03 2013
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thanks for your reply. this is with regards to an FHA loan, & also, the boss who gave this gift, also wrote a 2 page letter on why he did this. the check is also a personal check from his own account. hope this helps any. The reason why I asked is because my friend was told by BANK OF AMERICA, that this was not acceptable.
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June 03 2013
Gift money can be used. The issue is in the lender requiring  verification of the fund source.
The lender wants to completely understand your financial position, especially in regard to loan obligations and that you can afford the home .

Gift monies just need verification that there is no re-payment terms.

ex, One of the areas of gift money is monetary wedding gifts. Without a little pre-planning, this could be difficult to verify income source. But there are a couple of options, copy all checks and record cash and deposit at one time. And the second is a specific gift registry account at the bank.

Your lender of choice will help to ensure all your funds are verified,
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June 03 2013
 
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