01-26-2013 12:27 PM
Personally I would at this time stop depositing any gift funds, unless you want to go through the explanations over a few hundred dollars.
What I would do is save an additional 100.00 or more from your employment checks in your bank accounts, and cash the gift money and use for purchases in supermarkets, gas stations, etc etc...
Between all your savings as of present you should be okay with your reserves if its even an issue. Not all Lenders require reserves. The one thought that comes to mind if reserves becomes an issue is if you are paying the closing cost. If you are paying for the closing cost, most likely all your saved funds together will not cover closing cost and down payment.
May all your dreams and wishes become a reality!