I received some money for Christmas. Can I use that for a down payment, or does it have to be in my account for a while?

If depends on a few factors. If it was a check, or other document you can prove, you can generally use it right away, but the person who gave it to you will need to sign a gift letter. They 'may' also have to prove they had the money to give (their bank statement) depending on what type of new loan you are doing (FHA loan for example). If it was cash, you'll need to put it in the bank, and wait until it has been in the account at least 60-days to use it for down payment.

Joe is correct with his advice but there is another option especially if the gift was cash. Talk to another relative that has assets in the bank already sufficient to cover the gift. Trade them your cash for a check from their account. For a down payment you will need them to provide a bank statement showing funds in the account and proof that the check was cleared in your account. A properly completed gift letter will also have to be provided but there is no need for 60 day seasoning of gift funds only ability to gift. Email me if you want to get pre-qualified. LHarvey@twmortgage.com