QUESTION:

do you know if a donor can write multiple gifts to the borrower's family for a down payment on conventional? Donor wants to gift X amount to borrower, X amount to spouse, X amount to child and X amount to second child for tax purposes.

RESPONSE:

FNMA - they would not allow you to use any money that is given to anyone that is not on the loan including the children.

FHLMC - this would be acceptable if the money for the children are deposited into an account where one of the borrower's are also on the shared account.  - just need to be sure to document any large deposits.