You can use wedding, graduation, and similar gifts from unrelated persons towards the down payment on a house. First, deposit the gift funds to your bank account within 90 days of the marriage license or graduation date. Then, provide the lender with the following documents:
Your marriage license or certificate
A letter explaining the source of the deposits into your bank account
Your diploma, transcripts with your graduation date
For example, Newlyweds received gifts from friends totaling $8,000, which they deposited into their bank account. They want to use the money towards the down payment on a home. The lender asked the buyers to document the source of the deposits.
The couple gave the lender the following documents to document the source of the gift funds:
A copy of their marriage license
A bank statement showing they deposited the gifts to their bank within 90 days of the wedding
A signed letter listing the wedding gifts (You don't need gift letters from your friends.)
Marriage or Mortgage: Navigating Home Ownership and Wedding Planning