Real Estate Home Mortgages/Mortgage gifts


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 Uncle’s name or can they can come the same joint account?  Is it important that they process this as 2 separate transactions of $14k each?

I can only address the mortgage part of the question. Gift funds on FHA loans, specifically are per individual, unless they are both giving you a gift from the same bank account; sorry for delay - had a lot of illness in the family the last month.
Example: Gift Letter from Joe and Joanne Smith, Aunt and Uncle of David Smith for $3,500 for 3.5% down payment on a $100,000 FHA purchase.
Hope that helps.
And, no it would only be one transaction.
As for the tax free gift issue, please consult an attorney or CPA.
Thanks for your patience,
- Al
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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

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Al Rodenburg


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Certified Mortgage Planning Specialist (CMPS Institute) ; University of Illinois - at Chicago; Florida State University; Principia College; Lake Forest School of Management; Roosevelt University; Salt Lake CC

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