Grndmother's Gift

Expert, localized Los Angeles answers provided by Heather Roy

Grndmother's Gift
	My daughter is going to purchase a home and my 82 year old mother will be living with her. My mother has given my daughter $30,000.00 towards the down payment (we have consulted an elder lawyer). How long does this money need to be in my daughters name before she can use it for a down payment without any penalties or problems?

	There's no hard and fast rule about it, but many lenders will be happy to see that the money has been in your daughter's savings account -- or wherever in her name -- for several months, the more the better. Why not call the lenders she's considering, and ask their advice?
	Edith Originally published on May 20, 2007

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