You can get gifted money during the mortgage process but you need to have enough income to sustain the PITI
How does it work if you have a business partner? I have a friend that wants to get involved, more so as an investor than actually putting in the sweat. He’s got $x he wants to invest, not as a loan to repay but as a way to get a percent of the monthly rental cash flow. How would that work?
On FHA loans, is required 2 months bank statements but Freddie Mac HomePossible with 5% down on a multiunit require only 1 month bank statement. All deposits over 50% your monthly income need to be sourced, you can make some small deposits or yes you can use gift funds, bear in mind that most lenders will require proof money came from donor acct to you and that donor had the funds before he gifted, basically you cannot have a similar deposit few days before the transfer as we require a bank stm from the donor. However, gift funds can only come from a relative, and not all relatives qualify.... btw, often I have buyers that only bring the 3.5% downpayment and closing costs come from seller concession. The only way to bring slightly less than the 3.5% downpayment is to include the prorated taxes at the start at the file, that's the only credit that can be applied towards the downpayment.
Even though some of the people grilled you on your question, I am glad you asked it! I'm sure others with the same question will read this and learn why it's not allowed. I can't tell you how many times I get asked a similar question. It's reasonable to want to understand WHY the mortgage company is telling you no, and now you know the severity of lying on a mortgage application.
Also, the "mortgage rules" are not some hidden secret only the banks know. You are welcome to read Fannie/Freddie guidelines online. If you have questions, a good lender will be happy to help you.
Regarding Gift funds, get with your LO before you start moving money around. It will help alleviate some headache on both ends.
@Cameron Lambo well said
And yes, I do mortgages in 50 states 😇