Please please help me close this deal with "gift" money
I am set to close on an investment on July 29th. A few months back my in-laws gave us a check for 20K. I want to use roughly 15K of this to be put toward the 25% down. I didn't realize until yesterday when they told me that I can not use a "gift". So I took the 15K out and made a payment to my HELOC. Now my HELOC has the full funds in it to close. I thought this would work. My lender doesn't think so as it originated from a gift. We are waiting on the final word but she's very doubtful it will work. I thought this would work because the gift was used to pay something off but now it just my equity line.
please help as I don't want to pull from my retirement accounts and pay penalties to close.
any advice would be VERY appreciated!!