The Bottom Line Gift money can come from relatives and even friends in some cases. It can cover your down payment and/or closing costs, reducing or eliminating the cash you need to close the home purchase. Money from a friend or family member could make all the difference. The gift could push you over the top when you’re struggling to save a down payment, making a new home possible. But the unusually large sum of money in your bank account could also complicate mortgage approval. Before...