Posted on: 03rd Jan, 2010 04:56 pm
Hi,
We are in the process of buying a home and my Mom is going to give us $6,000. We have a gift letter that the Lender gave us for her to complete but what paper trail do we need so that FHA will accept it?
We are in the process of buying a home and my Mom is going to give us $6,000. We have a gift letter that the Lender gave us for her to complete but what paper trail do we need so that FHA will accept it?
The lender may ask for a copy of the check and/or deposit slip.
i surmise that the lender is going to look for both of those items - evidence that 1) you Mom had the money to give to you; and 2) that you actually received it and deposited it in your bank account.
Yes, he will only accept it, if you have show proof of money received as gift.
Thanks.
Thanks.
most lenders are going to be looking for evidence that Mom had the money to give to you, as well as the copy of her canceled check.