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What percentage of the downpayment can I have as a gift? Can it be 100%?

I am buying a house with a conventional 30 year mortgage and would like to make a 20% downpayment to avoid paying mortgage insurance. One lender told me I could use gift money for the entire amount, and another lender told me that 5% of that is required by law to be my own money. Is there a law about this? Does anyone know what percentage (if any) has to be my own money, or does this vary by lender? Thank you!
  • January 17 2013 - US
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Answers (2)

It can be a gift. And yes the other gentleman was right just make sure it is an acceptable source.
  • January 18 2013
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by law? Ha!  I'd say I'm sure the USC doesn't address down payment requirements.

If this is a primary residence then Fannie Mae allows the entire amount to be a gift. (from an acceptable source).
  • January 17 2013
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