The U.S. Food and Drug Administration (FDA) is strengthening an existing label warning that non-aspirin nonsteroidal anti-inflammatory drugs (NSAIDs) increase the chance of a heart attack or stroke.
Not everyone receiving a cash gifts want to make a 20% downpayment, though. Cash gifts are also allowed for low-downpayment mortgages including the FHA purchase mortgage, which requires a 3.5% downpayment; and the Conventional 97 mortgage from Fannie Mae and Freddie Mac which requires just 3% down.
This is possible with the use of a gift letter. This letter can be used as your down payment for your mortgage. There are very few programs out there that will allow you to do this. The one I find that works the best is the FHA loan products. You will need a loan officer who is familiar with these loan products if you want to use a down payment gift. Having the option to use down payment gifts for your mortgage is the beauty of the FHA products.