Real Estate Home Mortgages/gifts for down payment


I am talking with my aunt and uncle regarding a possible gift to use as a down payment for my move up house.  I am trying to understand the federal gift tax regulations regarding that.  I understand about the $14,000 gift tax free limit per donor.  My question is how should the mechanics work specifically if receiving a gift from both my aunt and uncle separately?  Do I need 2 separate gift letters?  Do the funds needs to come from separate accounts with only the Aunts name and only the Uncleís name or can they can come the same joint account?  Is it important that they process this as 2 separate transactions of $14k each?

Hi John, thank you for your inquiry.  

The mechanics of the loan will depend on your specific loan transaction and should be handled by your loan officer.  However, if you are receiving 2 separate gifts, you will need 2 separate gift letters.  In regard to the bank accounts, you should be able to have both gifts come from the same account, however, this should be addressed by your loan officer who will be more familiar with the specifics of your loan.  The $14K each is a tax issue, not a loan issue, and should be discussed with an accountant.  Each lender may have a specific way in which they want the gift(s) handled.  I hope that was helpful.

Sadie Benson
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

All Answers

Answers by Expert:

Ask Experts


Sadie Benson


I can answer all mortgage related questions. I am knowledgeable in planning to buy a home, credit repair, down payment assistance programs, FHA loans, VA loans, USDA loans, conventional loans, Home Path loans, etc. I can answer questions related to all mortgage disclosures and finance. If there is a mortgage related question, I can answer it!


I have been a licensed real estate agent since 2000. I have worked in commercial and residential lending since 2005. I have sold both new and resale homes and have worked as a loan originator, underwriter, processor as well as a Realtor. I have been licensed as a Real Estate Broker since 2008 and have had my NMLS Endorsement since required by law in 2010.

Sacramento Association of Realtors, California Association of Realtors, National Association of Realtors, Orangevale Chamber of Commerce

I have all required real estate and mortgage related courses to obtain my California Real Estate Brokerís License as well as my Nationwide Mortgage Licensing System Endorsement. I have an AA degree and am currently enrolled at Colorado State University completing my Bachelorís Degree in Business Management.

Past/Present Clients
Due to privacy and confidentiality laws the listing of my past and current clients without their prior written consent would be unethical.

©2016 All rights reserved.