Scottsdale Luxury Realtor
I agree with the previous response that it would be best for you both to sign a document indicating that these funds were a gift, with no strings attached, and no repayment required. I believe this document would carry much more weight if witnessed, signed and notarized.
My advice to you would be to contact a very good mortgage loan officer to get prequalified for a mortgage and one who will advise you as to the best loan program for you and the guideines for receiving gift funds. There are usually special forms that's used in these types of loans.
Now would be a great time to buy your home while interest rates are still low.
Good luck and, should you need assistance with regard to your purchase, please do not hesitate to get in touch.
RE/MAX Realty Group
I would recommend you draw up a document stating that the gift was not a loan and get both of you to sign in it and maybe even in front of a notary. As far as the loan goes for your new home purchase, each lender is different and would require a different document, most would just want her to fill out a "Letter of Explanation" stating that she is helping you with the purchase. Now you need to find a good mortgage company and get teh bal rolling, becacuse there many be a limit to how much she could give you for the home, only the mortgage officer would know the rules for whatever loan program your approved for.