Receiving money from family to help with a down payment on your new mortgage loan? This is acceptable for a mortgage but has to be documented. What is generally needed for this?
Each mortgage company may require something a little different, but here is what you should expect:
-Signed gift letter from buyers and gift donors – the importance of this is to show that the money is a “gift” and does not have to be paid back
-Copy of the check or proof of transfer of funds
-Bank printout from buyer to show the money was deposited into the account to verify there are now funds for the down payment
-Bank statement from gift donor to show the ability to give funds
Although this last step may seem a little invasive to the gift donor, it is important for the mortgage company to verify the funds due to fraud in the past.
Call today for more information!
Danielle Hifko
New American Mortgage
910-581-6398
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