What is the procedure when receiving a gift for down payment or closing?We are going with a conventional loan. We will be putting down 5%. My husband's parents had wanted to pay for the down-payment as a gift. When we spoke to the lender we got pre-approved with, they told us that unless they're willing to gift us 20%, the 5% will need to be our own money. We contacted another bank to see if their policy was the same and they said with putting 5% down that 3% needed to be our own, but 2% could be gifted. We put in our final offer on the house tonight and the real estate agent told us that we would also have to pay the remainder of the closing costs(3% Seller's Assist) and that would need to be with our own money. Is all of this true?My husband is going to be the only one on the loan because I only work part-time seasonally, and I don't have any credit. If I deposit money that I make from working part-time, can we use that towards the down payment and closing costs? Or do we need to have a paper trail? I get paid cash so there wouldn't be any pay-stubs. December 10 2013 - Altoona00YesReport 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.