Banks allow home buyers to have a gifted down payment from an immediate family member. Immediate family member is considered mother, father, sister, brother or grandparents. When receiving a gift from a family member, the funds must be deposited into the home buyers bank account 15 days before closing of the mortgage. Once funds have been deposited into your account, you would provide a bank statement and a gift letter from the bank that is doing your mortgage. Each bank has their own form.
Be reminded that the amount written on the letter must be exactly the same (to the penny) as the amount deposited into your bank account.
Once you have the gift letter signed by your family member and your bank statement printed out, give those copies to your mortgage broker.
If you have any questions on gifted down payments, contact me at the office at 604-552-6190 or email email@example.com