I read a story recently that the Bank of Mom & Dad has gotten busier.
With no-down-payment mortgages practically extinct, many homebuyers are now depending on mom and dad for help. While I can't say this experience has been prevalent with buyers I've been helping, it does seem more common than it used to.
Regarding down payments, "FHA loans allow gifts for the entire down payment and closing costs, while only 6 percent of closing costs for conventional loans can be treated as a gift. Families are avoiding the required paperwork by turning over the money months before the home purchase, so it can be considered the buyers’ own."
Source: Washington Post
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