Some of you lucky folks have people wanting to give you money to help you out with your down payment. But how does the lender feel about that? It depends.

First, gifts can't be from just anyone. Sellers, real estate agents, or anyone else who benefits from the sale can't "give" you down payment money. Most lenders will allow gifts only from relatives. You may have to document your relationship and also provide a letter from the donor stating that the money is in fact a gift and not a loan.

Second, unless you are getting an FHA loan, some of the down payment is going to have to come from your own pocket. It's well-documented in lending that having some "skin in the game" makes a borrower far less likely to bail on a mortgage. How much "skin" you'll need depends on the lender, how strong your credit is, and how much money you will have in the bank when the purchase has been completed (this is called "reserves").

Are there other ways a relative can help? Absolutely, but it depends on how much your family loves you or how good you are at conning them out of their money. For example, there is the option of co-signing. I don't recommend it unless you really don't care about your relationship to your family member. Because life happens, and if something happens to you it also happens to your co-signor.

Another option is having your family member add you to one of his or her accounts. Wait a few months so your name is on the statements and pull the down payment from that account. You get the advantages of gifting without the disadvantages of documenting.

Finally, consider that your mom-in-shining-armor could end up with an unexpected gift herself--a tax bill. It's best to consult a tax planner before making this kind of move to be sure that everyone knows the repercussions of the purchase, including gift taxes.