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You most certainly can use gift money to cover your down payment/closing cost Though there are better ways to do it Also, if you are low on cash then you might run into an another issue down the road of the loan process PM me if you would like to discuss The gift giver (donor) cannot require repayment of the gift money in any way;Earnest money is from the applicant's own funds, therefore it may be returned at loan closing and retained as a reserve Gift funds cannot be considered as reserves because the applicant did not personally save these funds, but they can be utilized to pay for closing costs or pre‐paids, which How To Give Securities Held In Physical Form Gift funds cannot come from