Gifting Downpayments

[Timothy Trushaw Jr]

I would like to buy a duplex as an owner occupant, but don't have the funds for a downpayment.  Has anyone asked a seller to gift them the funds for a down payment and then repaid the seller by adding that same amount to the purchase price?  Just curious if this is something legal. Or if anyone has other options they have used...

[Rob Beland]

Typically a bank is going to want to see that the down payment has been in your account for at least 60 days or two bank statement cycles. I can't say that whether or not it's like that with every bank but it's always been that way in my experience.