For a conventional loan, can you use a gift for coming up with the 5% downpayment?I am hearing two different things. My loan officer who gave preapproval letter says yes it is ok. However, a talked to a broker he says it is impossible, anyone saying this does not know what he is talking about and once you start the loan process your application will be denied. Please advice. I have a good income with okay credit score. First term home buyer, but does not qualify for FHA loans due to income limit.July 19 2011 - Columbus00YesReport 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.