Are you counting on Christmas money to help with the down payment of a home?  Getting down payment help from parents (or anyone else) isn't as simple as it sounds.  To satisfy the mortgage requirements there are specific regulations and rules that have to be followed.

1.  A letter signed by the giver that the gift is forgiven and not required to be paid back
2.  Proof of funds from the giver (a paper trail)
3.  Specific time frame for the gift to be given and deposited  

As you can see,  this process is not just a matter of money passing into your hands.  So before you begin to bank on the money you should visit with a mortgage loan officer for the in's and out's of being a recipient of "gift funds".   For detailed information on the "gifting process"  CLICK on this link.   

Do you have a mortgage question?  Email Patti.Lamle@rate.com  or any local lender.