Posted on: 03rd Sep, 2009 03:49 pm
Is it require for the donor to provide bank evidence (i.e. statement) that the gifted money be seasoned from the donor? Is there an alternative to show the lender that the gifted money is seasoned?
Thats a good question for the lender.
Hi Guest,
When it comes to gift funds, the lender is only concerned about whether you obtained the gift money from a party related to the sale transaction or whether you signed any note to borrow the gift money. Most lenders would like to see the bank statement of the donor to make sure that gift funds were not borrowed from any other source.
If the donor transferred the gift through cashier's check, money order or any other type of bank check, he needs to provide a withdrawal document or canceled check to show that the funds came from his personal account. However, all lenders do not have the same kind of requirements and it is better to contact your lender to find out more on this.
When it comes to gift funds, the lender is only concerned about whether you obtained the gift money from a party related to the sale transaction or whether you signed any note to borrow the gift money. Most lenders would like to see the bank statement of the donor to make sure that gift funds were not borrowed from any other source.
If the donor transferred the gift through cashier's check, money order or any other type of bank check, he needs to provide a withdrawal document or canceled check to show that the funds came from his personal account. However, all lenders do not have the same kind of requirements and it is better to contact your lender to find out more on this.