You might have to disclose where the funds came from but it's usually as simple as a letter or one-page form that needs to be filled out. It's not a terribly big deal and should *not* change your ability to get a loan. Just remember that if you're working with a good lender, they won't give you roadblocks, they'll give you options. Too often I see lenders that just stop the process when some little changes could yield huge success!
Have a great day!
If you are planning to purchase a home in the next month or two you might need to disclose the source of the funds, but if you were allowed to borrow the funds and deposit them in your account for three or more months before you purchase your home then it might not be as much of an issue.
But you really need to speak with your lender to what options they might have for you. Also, if you are a first time buyer, which for homebuying purposes means that you have not purchased or owned a home a home within the last three years, there are some wonderful programs both grants and loans that might be available to you.
If you have not already talked to a lender, I know some great ones right here in this area (Glendora, La Verne, Claremont) who are very familier with the loan programs and the city and county funding programs as well. Also, if you are not yet working with a Realtor, I would love to apply for the job. Feel free to get in touch with me at your earliest convenience either by phone or via email at Tisza (at) HomesByTisza.com (or through Trulia).
I look forward to hearing from you soon.
Tisza Major-Posner, Realtor, Keller Williams (909) 837-8922