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Mortgage Gift Documents

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Anonymous123 Guest	Posted: Thu Feb 10, 2011 1:59 pm    Post subject: Mortgage Gift Documents Like 0 Dislike 0 My parents have cash on hands that they did not keep in their banking account. They want to give me the money for down payment. Can they deposit the money and write me a check? This would obviously show a large deposit in their bank account. Would they have to provide proof that they had the cash on hands? If so, what kind of proof would be needed?
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Feb 10, 2011 3:13 pm    Post subject: Like 0 Dislike 0 Need proof of where the money came from. You have to paper trail a gift just as you would your own assets _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
elnoralittle Community Expert Joined: 01 Oct 2008 Posts: 285 Location: Maryland 26.35 Dollars($)	Posted: Thu Feb 10, 2011 5:03 pm    Post subject: Like 0 Dislike 0 paper trail. On FHA loans the deposit would definately be questioned. You could get the gift letter. and the bank can provide a letter stating that at the time they had "x" amount of dollars in the account and that was sufficient to purchase "x" amount of dollars for a certified check. Or get the letter from the bank, a check from your parents. Deposit the check...then get a copy of the cancelled check from your parents. The only way is to have the bank write a letter stating the amount of funds available, on letter head, signed and stamped by the bank. It's a form of verification of deposit _________________ Elnora Little First Home Mortgage First in Customer Service! 301-437-5605
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Feb 11, 2011 12:50 pm    Post subject: Like 0 Dislike 0 Elnora's tip is viable only if the bank on which your parents' check is drawn is amenable to doing that. As a general rule, lenders now want to see specific proof that a gift donor has the werewithal to provide a gift - without any large deposits being a part of the deal. Verifying the source of gift money is a major requirement in the mortgage industry - whether FHA, Fannie or Freddie. If you're dealing with a small lender that might be keeping the new mortgage loan in portfolio, you may be able to get away with it; but those lenders are ever more vigilant as well, wanting to have as many saleable loans as possible at all times. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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