How to use gift money

[Justine Scheuher]

A few month ago, I was going to buy a move-in ready rental property with the help of my parents lending me $10,000, but 2 different lenders said I could not use gift money due to the government guidelines. (Money can't randomly appear in my bank account, all big deposits have to be traceable, ordinary, and reflect my financial situation).  

Could I have just not told my lender that I was using gift money?  

How would I use gift money or a private loan to purchase rental properties?

[Alex Deacon]

@Justine Scheuher gift money is typically on FHA loans for your personal home. If you continue to get resistance from the banking industry then consider other financing options like private money. In the mean time have your parents put the money in your account. I think your parents can give you that amount and you will not pay any taxes on it but check with your CPA. let it sit in your account until it is seasoned. Seasoning will take 3- 6 months depending on the lender. You really need to get a good attorney, CPA and a mortgage Broker to help guide you along these paths. Good Luck to you Justine