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Downpaymentgift is focused on a providing a gift registry, crowdfunding, for down payments specifically We understand the 'ins and outs' involved and the kind of requirements on 'gift funds' mortgage brokers/lenders will be looking for as they assist with obtaining a mortgage It's also 100% free to use with zero fees The FHA requires the borrower to come up with at least 35% of the purchase price for the down payment The remaining 65% may come from gift funds, though Aside from lender/loan restrictions, the IRS limits how much one person can gift you too As of 19, the IRS allows gifts of up to $15,000 without tax implications For a lender to be able to use gift funds versus own seasoned funds as the source of the down payment and/or closing costs, the donor needs to sign a gift letter Gift Letter stating that the gift is not a loan and that the gift funds will not be paid back after the closing of the mortgage loan needs to be signed and dated by the donor The Gift