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Eric 45
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| Thanks Adonis! |
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just me
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Post subject: Gift letter |
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| Can you have two sources of a gift letter? Half from one person and half from another? |
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tlv
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| can my nephew gift me money for my mortgage? |
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To just me... Yes, you will be able to submit two gift letters to your lender. I don't think that will be a problem.
To tlv...yes, your nephew can definitely gift you the money and you can use it as your down payment towards the mortgage. |
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pearl
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Post subject: gift letter |
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| if i'm going to be on the deed of the house, but not on the mortage, because i'm paying my half up front do i need to do a gift letter, and if i do a gift letter what are my rights as far as getting my half of the morgage back if something happened between my fiance and myself |
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savior70
Joined: 25 Mar 2009
Posts: 1786
Location: Florida
239.96 Dollars($)
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Hi
You can pay the money and do a gift of letter to the lender. But if you do a gift of letter you are not supposed to ask for a repayment of the money you pay. However, if you are on the title to the property, you will be entitled to your share in the property, in case it is sold. |
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confused
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Post subject: gift letter and bank statement |
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Hi,
My cousin signed a gift letter for $10,000 given to me. However, he is a bit insecure about providing his bank account information. So he took a screenshot of his bank account online that has all the account info and last 3-4 digits of his bank account. Will that be acceptable? |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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confused
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Post subject: gift letter and bank statement |
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| Ok, my cousin made me a copy of his bank statement, but blanked out the first couple of numbers and left the last 4 digits of his account number visible. He will also be writing me a check from that account. Would that then be acceptable? |
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savior70
Joined: 25 Mar 2009
Posts: 1786
Location: Florida
239.96 Dollars($)
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Hi
I think this should be acceptable. But again, as Eric had said, this may vary from lender to lender. Some may accept it, while others may not. You need to check with your lender and see if they will accept this. |
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Bad Brad
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Post subject: Gift Letter |
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| I am putting a large down payment on a home so I can get a better rate. Do you think the mortgage company is going to want to know Where the money came from and if it was and gift or a loan?? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1853
Location: MICHIGAN
284.69 Dollars($)
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Hi Brad,
The lender would surely want to know the source of the money you are putting down, especially since it is a large amount. They would want to make sure that you have not borrowed the amount from some other source to make the down payment on this loan because if you have incurred another debt for the downpayment it may affect your affordability of the loan.
Thanks,
Jerry |
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seulyi
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Post subject: Is a gift letter necessary? |
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Hi,
I received money as a gift towards the purchase of a home. Due to the short length of time that it has been in my accounts, my lender is requesting a gift letter to verify the source of the money. The relative that gave the money is not asking for repayment and it is mine free and clear except that it was given in cash and the person would rather not sign a gift letter. Am I obligated to reveal my source or is it sufficient enough to give my bank a signed statement that the funds are just mine and that I have had it for awhile (held in cash) |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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You really need to convince the relative to sign the gift letter. Your other option is to wait a month or two until you get two months' statements with the gift reflected in the balance. Then use a different bank for your loan.
I really dislike switching lenders like that, but if you cannot get the gift letter you may be left with no other option.
_________________
Eric JFree Rate Quotes, Stated Income Loans
FREE MLS HOME SEARCH
Lenders Near You |
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Deb P
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Post subject: Gift Letter |
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| If I have already given my sister a check for $9000, why do I need to include my bank infomation on the Gift Letter? |
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