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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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investor, since you are attempting to obtain a conventional loan, be forewarned - what you propose is not allowed. when purchasing an investment property, you must have your own funds - none of the funds you are using for the purchase are allowed to come from a gift.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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RBAR23
Guest
0.10 Dollars($)
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Post subject: Gift Letter Requirments |
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| Have you ever heard of the bank having to sign a gift letter to verify the funds in the account? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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can't say i know about that, rbar...banks don't sign gift letters. can you elaborate at all?
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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RBAR
I know that banks look for verification that the funds have been transferred to the borrower. Maybe you are referring to the borrower's bank? The one where he/she keeps the savings account and not the bank that is approving the loan?
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anonymous1723
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Post subject: gift money |
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do we need to have the gift money for down payment to be in our bank
before getting pre approve???
thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Post subject: |
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no you do not anonymous - simply inform your loan officer of the impending gift. it will need to be verified prior to your receiving the authority to close on your mortgage.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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anonymous1723
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0.10 Dollars($)
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Post subject: Gift |
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This is sooo confusing, I asked couple of realtors & lenders and half say it's good that the gift money is in our bank.
Half said that it's okay to get pre approve.
Do you advice to get pre qualify first or pre approve is much better & quicker???
thanks again |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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preapproval is better - it means that the lender actually looked at and verified your income, assets, debts, etc. and that you'll get an approval based on what they've analyzed.
as for the gift money...it really won't make a whole lot of difference in the long run when you deposit it - as long as it's there when it's needed.
ask a few more "experts" and you'll get a few more answers to confuse you, too. each of us has our own little habits and preferences, and those come into play when we answer these questions.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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anonymous1723
Guest
0.10 Dollars($)
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Post subject: gift |
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If my mom will give me $15,000.00 to buy a house, Do we need to split the amount to deposit it like 5,000 at a time every week so that it
will not have a red flag to IRS?
Again your very helpful,
Thank you |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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$5000 each week for 3 weeks is equivalent to $15000 all at once. you don't need to worry about "red flags" to the irs.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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anonymous1723
Guest
0.10 Dollars($)
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Post subject: Gift |
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So does my mom or Myself needs to pay any tax for this amount of gift?
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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that's a tax question and i have no expertise in that area. my advice on that is to check with a tax accountant or directly with the irs.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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bobby d
Guest
0.10 Dollars($)
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Post subject: gift money |
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| My wife and i celebrated our anniversary two days ago. We were given 2500 total from two sets of relatives. We are also under contract for a house which will close in 38 days. Do i have to have a gift letter for these anniversary gifts? |
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katrenco
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Post subject: Consequences if "gifted" money is repaid |
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| My son is buying his first house and we deposited $4400 into his account for the downpayment about two weeks ago. The agreement between us is that he will pay us back when he gets the $8000 government tax credit for first-time home buyers after filing his income taxes. We are charging no interest, and, if he would renig on the loan, we wouldn't "go after" him, legally. Yesterday, we got a gift letter from his mortgage comapny and are now wondering what to do. We had NO idea this was the situation, don't feel comfortable signing a gift letter for money that is not intended to be a gift but don't want to prevent him from getting his mortgage loan either. The money has already been given, the house (twin home) is near completion, the closing is set for mid November. If we sign the gift letter and our son pays us back, as we had initially planned, will we be in trouble? In addition, we, of course, did not intend to declare this money as a gift on our own income taxes as it was never intened to be a gift nor would there be any interest income to declare as we are not charging interest. We had NO idea this would come up and are very unsure how we should handle it at this point. Any advise you can give will be greatly appreciated! |
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katrenco
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Post subject: repaying gifted money (addendum) |
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| I should correct and, perhaps, add to my post above. The $4400 was for closing costs rather than down payment, I believe.....probably doesn't matter. We live in MN, he lives in ND. He called us, told us how much they (son and daughter-in-law) needed and how they intended to pay us back, we sent the check directly to his bank and forgot about it....until we got this gift letter in the mail, which we're supposed to return ASAP. What sounded so simple.....a small loan between parent and child.... has turned into a perplexing, uncomfortable, complicated transaction. |
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