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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Oscar, only a family member is allowed to "gift" funds to a buyer. If you're a father, brother, uncle, etc. then it is allowable. Otherwise, the best a seller can do is to provide a credit toward closing costs. Depending on the loan program chosen by a borrower, that credit could be up to 6% of the cost of the home.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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jn10
Guest
0.10 Dollars($)
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Post subject: Gift Letter |
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| I have provided 3 gift letters for the amount of 90k from inlaws, my aunt and my cousin (whom I am very close to). My mortgage broker is stating that the lender wont accept the signed gift letter now because its from my cousin, and the lender only wants immediate family. For some reason they accepted it from my aunt however. Any thoughts on what i could do? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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That lender is too stubborn. That's not a very helpful hint from me, but it's just the truth. Perhaps you can somehow put together a letter or memo that describes the relationship you and your cousin have, so as to make a stronger case for the cousin giving you a gift.
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George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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concerned
Guest
0.10 Dollars($)
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Post subject: gift money |
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| My fiance's family has gifted us money for our mortgage so that we can get in on the tax credit. My first question .. I am the only one on the loan and my grandmother is cosigning.. will that be a problem? Also, they pulled everything out they could afford to help us and I want to be able to pay them back when we have it but I do not want to get in trouble for doing so! Can I pay them back later without being charged with Fraud? We recently purchased a van and had to put all of our savings into it because it was junk from the start. We will have the money within a month or two and I want to give it back .. I would just wait but then I would miss the opportunity for the tax credit! Any advice? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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If your grandmother owns a property, then you won't be able to get a tax credit as a first time home buyer. If your grandmother has given you the money as a gift for the down payment, then if you return the money it can be considered as a fraud.
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Good is the Enemy of Great. |
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anonymous pie
Guest
0.10 Dollars($)
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Post subject: money gift to buy a house |
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Regarding the statement below, does this still apply for May 2010. I have a close friend that wants to help me buy a home. Is there a limit to the amount gifted?
However, if the gift is made by any non-family member such as friend, employer, etc, then a borrower needs to provide documentation of a very close and long lasting relationship. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Guest,
As far as I know, the statement that you've mentioned here stands applicable for May 2010. I don't think there is a limit to the gifting amount. However, if the person gifts an amount which is more than that lifetime gift tax exemptions, then the donor will have to pay taxes on that amount.
Thanks |
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WendyR
Guest
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Post subject: relationship of person giving gift |
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| Hi. I am closing on my house in 10 days. A close family friend is giving me a "gift' of $2,000 towards closing costs. My immediate family can't afford to help & she is my only option. I told my mortgage broker & they said to have her say she's my relative instead of friend. If she signed the gift letter saying she's my Aunt, do lenders look into that? Do they verify relationships? This is stressing me out & I don't want her to get in trouble. Thanks |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi WendyR,
It is always better to tell the truth to the lender. Your friend can pose as your aunt but if the lender comes to know about the truth later on, he may take actions against you.
Thanks |
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delight
Guest
0.10 Dollars($)
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Post subject: Down Payment |
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| Buyer needs approximately 6,000 in additional funds to close. Could he get a cash advance from the $8,000 home buyer gov. credit? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Hi delight,
You won't be able to get the tax credit unless you buy the property. As far as the down payment is concerned, you will have to pay it upfront. Thus, I don't think it will be possible for the buyer to use the tax credit as down payment.
Thanks,
Jerry |
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nickwis
Guest
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Post subject: repayment of gift loan |
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| my wifes parents gifted us the down payment for our house. they both signed the gift letter. they now are going though bitter divorce and my wifes father is threatening to take us to court for the money stating it was a loan. by him signing the gift letter intention does this help us out in court |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi nickwis,
As both husband and wife had signed a gift letter and given you the gift, it may help you while they file the lawsuit. However, in my opinion, it would be better if you could contact an attorney and take his opinion in this matter.
Thanks |
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MYRA
Guest
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Post subject: GIFT MONEY |
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| MY SISTER DEPOSITED $3000.00 CASH INTO MY CHECKING, AND MORTGAGE COMPANY DOES NOT LIKE TO SEE CASH AS DEPOSITS, WILL WITHDRAW MONEY AND DEPOSIT AS A CASHIERS CHECK INTO MY SAVINGS, AND LETTER FROM BANK STATING SUFFICIENT FUNDS FOR CASHIERS CHECK.WILL THAT BE ACCEPTABLE? |
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Guest
0.10 Dollars($)
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Post subject: |
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| A cashier's check would be a better way to transfer the gift money. However, it will be completely the lender's discretion whether or not the lender would accept such a transaction. |
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