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Be Prepared When Using a Gift For a Home Purchase - Home Loan and Mortgage Boston

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Published on Jan 16, 2014

http://bostonmortgageglobe.com

Everyone loves gifts especially if the gift helps you buy a house. The video you are about to watch will help you understand the gift fund requirements and not do anything stupid that will prevent you from buying a home.

I recently had a borrower who received a cash gift from her father. Although the father had earned the money, he had never deposited the money in his bank account. If the Dad had put the money in his bank account first and then given the borrower the cash she would of met the gift requirement. Luckily for the borrower she had other relatives that wanted to gift her money.

For conventional financing Gifts can be used for primary residence and second home purchases. If you try to buy a home as an investment property with a gift funds you will be declined.

Who can provide the gifts? A relative, fiancée, domestic partner, spouse, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship.




BE PREPARED: What is required for documentation

1) Signed Gift letter provided by lender

2) Verifying Donor Availability of Funds which is either the cancelled check for the gift or bank statement showing the terms of withdrawal

3) The Transfer of the funds in the borrowers bank account by providing updated bank statement

Please subscribe to my video if you have any questions regarding this video or other mortgage questions please call me

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