Gift Money from Parents - How much will underwriting allow?How much of gifted money will underwriting allow and how much of our own money do we have to bring to the table? Credit is excellent Income is not a problem it's just the downpayment that we need help with. For some reason I remember an underwriting rule from my mortgage days that says you still need to bring your own funds on top of the gifted money - any truth to that nowadays? We are looking at conventional mortgages with probably 5% down.What are the tax implications on both sides, as well and the best way to transfer the money? We may have two to three months before actually looking/closing. are we better off receiving multiple checks now and age them in our account or wait and have the family involved at closing.Thanks...March 01 2010 - Fort Worth00YesReport 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.