If you are looking to buy a home and are a little bit short on the funds, don't stress. When you are getting a loan for a home, the loan officer will ask for a copy of your bank statement to verify you have funds to close. When they do this, they don't like to see $2,500 randomly pop up in your account. The funds have to be properly gifted.
When gifting money, each mortgage company has their own form to fill out. Once you (the client) and the person both gifting the money sign the form, the person who gifted the funds has to provide a bank statement showing the money leaving their account. Once the person gifting the funds signs the gift letter, and provides a bank statement, the money i...Read Full Post →