What are the rules for using 'gift funds' for first time buyer's down payment?Our bank would only accept 'gift funds' for 10% of the down payment; the rest as well as the closing costs had to come from our own resources. My husband's father was going to cover 20% for our down, but we could not qualify unless we used our own funds. We use a credit union, so is this the rule in mortgage lending?July 09 2010 - Norfolk00YesReport 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.