The credit union you are with my be very limited in what they can do.With FHA as an owner occupant you should get 3.5% down and usually you can get a family member to give you the down payment as a gift.

My advice that I am 100% sure about, would be to not make ANY big purchases yet, not even a car for example, let this all sink in for a while and take time to really decide what you want to do with this wonderful gift.

My first property was a gift from my mother, thank you mom.

The "gifting" limit is 13K per year.Perhaps if we transfer title to all three of us with a warranty deed after the close, we can deny it was a gift if the IRS asks???

our condo is only making us money b/c it was a gift from my parents as a wedding present. so we own it free and clear!

When a house is listed, you will not be the only one who wants to purchase. or basically where do you go for finding the right property.And.....thats where the old favorite real estate adage comes in Alex, location, location, location, if you look at yours, then mine, tells my story

We can talk real estate and BBQ, my two favorite things (besides family)!

Fix and Flip: most risky, especially for a virgin.Fix and rent: my favorite.

Best regards.END ------- ----------------I really believe the Lease and Contract For Option in Texas is a great tool for the Texas REI in this credit strangled market.BrianPS one of my favorite quotes is Ben Bernake: http://www.reuters.com/article/2012/05/10/us-usa-fed-bernanke-idUSBRE84911720120510even worthy borrowers can't get mortgages"To be sure, a return to pre-crisis lending standards wouldn't be appropriate," Bernanke said.

I understand hind sight is 20/20 and you already own this so instead of spending too much time crying about this matter what I would do is quickly scrape up 4k to 6k and get something going on this matter even if it means add a little debt or hustle a favorite hotrod.