Gifted money and a conventional loan

[Barry Underwood]

My mother is selling the farm, literally. She inherited a house and small piece of land from her mother in which she has a contract on with closing next month. she plans on gifting me the money and intern I will purchase a STR. I am looking at using Veterans United to handle the conventional mortgage loan. They told me that the gifted funds will need to sit in my bank account for 60 days before we can use it on the conventional loan. I am looking for advice to understanding why this is a requirement, are there are any questions that I need to be asking, are there any tax penalties problems that could arise?