Brevard County · Buying

Using a gift from family for the down payment in Brevard County

The gift letter and paper trail lenders ask for, explained early.

$339,600typical Brevard home value

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What’s different for you

1. Ask your lender early. They tell you what gift rules apply.
2. Get a gift letter. Lenders usually ask the giver to sign one.
3. Keep the paper trail. Show the money moving from giver to you.

When you start in CloseHive from this page, your plan already includes these steps, along with the usual ones for buying in Brevard County. You always see what to do next, and your agent handles the how.

What to know

Lenders must see where the money came from

A lender has to confirm your down payment is really yours to use. For gift money, that means proof the money moved from the giver to you or to the closing agent. Accepted proof includes a copy of the giver’s check with your deposit slip, the giver’s withdrawal slip with your deposit slip, a record of an electronic transfer, or the giver’s check made out to the closing agent.

What the gift letter says

Lenders ask the giver to sign a gift letter. Under widely used loan rules, it states the dollar amount (or the most it will be), says no repayment is expected, and lists the giver’s name, address, phone number and relationship to you. Your lender gives you the form or the exact wording they need.

It has to be a true gift

If you are expected to pay the money back, or there is any condition attached, it isn’t a gift to a lender. A loan from a relative is treated differently and may count as a debt. Be honest with your lender about any arrangement.

Who can give depends on the loan

For many conventional loans, the giver can be a relative by blood, marriage, adoption or legal guardianship, a domestic partner, or someone engaged to marry you. FHA, VA and other loans have their own lists. Under both conventional and HUD rules, the gift can’t come from someone with an interest in the sale, like the seller, the builder or a real estate agent; HUD treats that kind of money as a reason to lower the price instead.

How much of the down payment can be a gift

Rules vary by loan. Under one widely used set of conventional loan rules, for a one-unit home you will live in, a gift can cover all the funds you need, with no minimum from your own savings. Other loan programs set different limits, so ask your lender before the money moves.

Cash on hand doesn’t work

Lenders need a trail they can follow through bank records. HUD guidance says gift money can’t come from cash kept at home. Keep the gift in bank accounts and transfers, and avoid moving it around between accounts before closing.

Gift tax is mostly the giver’s question

The IRS says the giver is generally responsible for paying any gift tax. For 2026, a person can give up to $19,000 to each recipient without using up any of their lifetime exclusion, and a married couple giving together can give $38,000. Larger gifts can mean the giver files IRS Form 709, even when no tax is owed. The giver should ask a CPA or read the IRS gift tax pages.

Your options

What to gather

• Ask your lender for its gift rules and gift letter form before any money moves
• The signed gift letter: amount, no repayment, giver’s name, address, phone and relationship
• The giver’s bank statement or withdrawal record showing the money left their account
• Your deposit slip or bank statement showing it arrived, or proof it went to the closing agent
• Recent bank statements for every account you’ll use
• A plan for wiring money to closing, with the title company’s number from a trusted source
• The giver’s question for a CPA about Form 709, if the gift is large
• Copies of everything saved until well after closing

Mistakes to avoid

• Moving the money before telling the lender. Ask first, so the transfer happens in a way the lender accepts.
• Depositing the gift in cash. Use checks or bank transfers so there’s a clear trail.
• Calling a loan a gift. If it has to be paid back, tell the lender. Misstating it on a loan application is a serious problem.
• Taking help from someone tied to the sale. Money from the seller, builder or an agent isn’t a gift to a lender. Ask your lender about seller credits instead.

Brevard County in numbers

• The typical home in Brevard County is worth about $339,600, and 77% of homes are lived in by their owners.
• Typical rent here is about $1,556 a month, including utilities.