Gift money for investment property downpayment

[Jeffrey Townsend]

Is it true that you cannot use gift money as a downpayment on an investment property? I am being told by my lender that underwriting requires money in your account for 60 days. Is there anyway around this?

[Josh Bakhshi]

Not really, banks are funny that way.  Unless you can prove it was your money for 60 days.

[Courtney Jones]

I was told by my lender,you can use gift money for a owner occupied purchase but not for an investment property. 

[Nielsen Manalad]

Just a thought. Could the gifting person be a cosigner instead, then that may pass to the lender as a partner.

[Eric Nelson]

Find a bank that will.  I was gifted equity and they accepted it for the down payment.

[Laura Cardenas]

@Jeffrey Townsend

My lender had told me the same exact thing.

[Wren Martin]

@Jeffrey Townsend use a non-bank lender that understands real estate investing.  You will not have the seasoning requirement of your DP like you do with a traditional bank loan.

[Jeffrey Townsend]

Thanks for the feedback. I have tried several lenders and they all say the same thing, even smaller ones. I do not want the person to be on the loan either. I could try and set closing for 75 days out but this would not be an attractive offer to the seller. Trying to find a way around it.