Family help is common on high-value Indiana purchases — when the donor is eligible and the paper trail is airtight. We structure gifts so underwriting does not stall at the finish line.
Jumbo investors allow gift funds more often than buyers expect — but they are stricter about source, relationship, and seasoning than a casual wire transfer. The gift must be documented as a true gift with no repayment expected.
Some programs let gifts cover the full down payment on a primary residence. Others require you to bring a minimum percentage from your own seasoned assets, especially above certain LTVs or on second homes.
Donor eligibility and contribution rules vary by investor.
Most gift delays are paperwork — not eligibility.
Clear instructions before anyone wires money.
Related jumbo guides from Ryan & Steve.
Often yes — from an eligible donor, with a proper gift letter and a clear paper trail showing the money moved from donor to you. Some investors still require you to contribute a portion of your own funds.
Typically a relative (parent, grandparent, sibling, spouse, or domestic partner). Friend gifts and business gifts are more restricted and depend on the investor.
Many jumbo programs allow gifts for part or all of the down payment on a primary home, but overlays can require a minimum borrower contribution — especially at higher LTVs or on second homes.
A signed gift letter, donor bank statements showing the funds left their account, and your deposit evidence. Large unexplained deposits without a trail get flagged.
We tell you exactly what the donor needs before any money moves.
Ryan Minick and Steve DeLon — Branch Managers & Senior Loan Officers at Luminate Bank. Based in Kokomo, Indiana. Lending nationwide since 2005.
Contact
Ryan Minick NMLS# 203249
Steve DeLon NMLS# 202876
Luminate Bank NMLS# 1281698
Kokomo's Mortgage Team. Lending Nationwide.
1221 Appletree Lane, Kokomo, IN 46902
Luminate Bank NMLS 1281698 Bank Headquarters 2523 S. Wayzata Blvd., Suite 100 Minneapolis, MN 55405 (952) 939-7200. This is not an offer to enter into an agreement. Information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines and any information, rates and programs are subject to change without prior notice and may not be available in all states. All loans are subject to credit and property approval. Luminate Bank is not affiliated with any government agency. All rights reserved.
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