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Started By
Message
Mortgage Loan Gift Money - What to do?
Posted on 6/14/15 at 12:13 am
Posted on 6/14/15 at 12:13 am
My grandmother, God bless her, said she would like to send me some money in helping with me purchasing a new home. The amount is $10,000. I recently won a bid on a home for $150,000 pending an approval of all finances. I have until Friday to confirm this with the loaning company. What is the process of having this money be included in my financial paperwork without it being red-flagged?
5
Posted on 6/14/15 at 3:38 am to rpg37
You need a gift letter from her and may need to provide a bank statement from her showing the money was hers to give and prof of receipt. Ask your loan officer. He'll be well versed in what documentation is required.
Posted on 6/14/15 at 7:33 am to rpg37
Loan type matters.
FHA you can have all gift funds. Some other loan types require a specific % sourced from you.
FHA you can have all gift funds. Some other loan types require a specific % sourced from you.
Posted on 6/14/15 at 10:40 am to Mr.Perfect
Regardless of where it's from even if the program disallows it from gift sources you can let it sit in your account for a period of time and it will become eligible for use. Your broker/loan officer should be familiar with what needs to happen for the program you're working in.
This is typically referred to sourcing (where did the funds come from) and seasoning (how long have you had them where they are) of funds. Sourcing and seasoning does vary from loan program to program but this isn't a big deal on the way to getting approved.
This is typically referred to sourcing (where did the funds come from) and seasoning (how long have you had them where they are) of funds. Sourcing and seasoning does vary from loan program to program but this isn't a big deal on the way to getting approved.
Posted on 6/14/15 at 3:10 pm to GFunk
Dude... you said
He said
If he is under contract, he can't just wait like you are suggesting
quote:
you can let it sit in your account for a period of time and it will become eligible for use
He said
quote:
recently won a bid on a home for $150,000 pending an approval of all finances.
If he is under contract, he can't just wait like you are suggesting
Posted on 6/14/15 at 9:13 pm to Mr.Perfect
Dude a pre approval takes 6.5 minutes of data entry work in front of a PC. I had sent them via my phone back in the day. Do you really think they included "pending approval of finances," and expected him to get financed for a specific property, get a home inspection, an appraisal, title search, final package submitted to UW, stips back and a clear to close along with doc drawing in 10 days?
They'll accept a pre approval letter and then once he's got the CTC they'll get paid. Based on the program-RD for example-if could take 21 biz days in addition to the process of putting together the submission package and having a broker/in-house UW clear it to submit to USDA.
Which would give him plenty of time to source and/or season the funds he's getting.
Might wanna sit back down. The grown ups are chit chatting right now boo. The hot dogs will be ready in a bit, m'kay?
They'll accept a pre approval letter and then once he's got the CTC they'll get paid. Based on the program-RD for example-if could take 21 biz days in addition to the process of putting together the submission package and having a broker/in-house UW clear it to submit to USDA.
Which would give him plenty of time to source and/or season the funds he's getting.
Might wanna sit back down. The grown ups are chit chatting right now boo. The hot dogs will be ready in a bit, m'kay?
This post was edited on 6/14/15 at 9:15 pm
Posted on 6/15/15 at 7:43 am to GFunk
quote:
Do you really think they included "pending approval of finances," and expected him to get financed for a specific property
You
quote:
. I recently won a bid on a home
OP
Learn to read....boo.
Posted on 6/15/15 at 2:17 pm to Mr.Perfect
quote:
Mr.Perfect
quote:
You
quote:
. I recently won a bid on a home
No. Actually, that was the
quote:
OP
that said that. Not me pumpkin. But its special of you to try and argue with the adults.
Define Irony: Trying to "burn" someone's reading "skillz" on an interwebs message board when you literally confuse who said what in it while trying to "burn" them.
To steer this back on the actual subject matter, he can get an approval letter that will suffice for the auction purposes. During the time period it takes for him to get a final approval, by virtue of the funds sitting in his account they would be sourced and seasoned.
This isn't that difficult for me. I'm sorry I'm doing such a poor job of explaining myself that it confuses you. But then again, you're confusing who is saying what in this thread. So I'm guessing it's not just me here.
Keep going though. I'm sure you're having fun. After all they say ignorance is bliss right?
This post was edited on 6/15/15 at 2:21 pm
Posted on 6/15/15 at 3:07 pm to GFunk
Ok. I'm done playing with you.
Nothing you have said is incorrect, but you are not answering the OPs question based on his situation.
Not all loan types will be available to him based on the gift funds.
I really hope you are not involved in mortgage banking
I love how you decided to start attacking me.
Nothing you have said is incorrect, but you are not answering the OPs question based on his situation.
Not all loan types will be available to him based on the gift funds.
I really hope you are not involved in mortgage banking
I love how you decided to start attacking me.
Posted on 6/15/15 at 3:52 pm to Mr.Perfect
quote:
Mr.Perfect
quote:
Ok. I'm done playing with you.
Oh...So now that you've been made to look like a jackass at insulting people while insulting your own reading skills you don't want to play jackass anymore and want to ad hominem me instead?
Aww...You really are too cute.
Here's the deal, pickle. You're right: Nothing I've said is incorrect. He can get the money, source and season it, and with a legitimate prequel offer and up to 90 days on a lock available, he'll have plenty of time to get those funds sourced and seasoned. At that point, they would more than likely not even be gift funds. They'll be his funds and listed on the 1008 URLA as an Asset just like any other.
Now that we've established you can't read well, you're an absolute jackwagon and you get mad when someone points out to you that there are others in this world who are far, far better at it than you are, and when you get a taste of your own medicine you switch to ad homineming while playing the victim role, you should probably hush up and continue to let the grown folks talk. You've added absolutely nothing of substance to this thread with your attempts to point out potential issue with what I've said to the OP re: his situation.
Even you yourself are admitting:
quote:
Nothing you have said is incorrect
I think it may be time for you to...
This post was edited on 6/15/15 at 4:08 pm
Posted on 6/15/15 at 4:50 pm to GFunk
Just do me a favor and read the OP and his posts. He is under contract
Posted on 6/16/15 at 10:18 am to GFunk
quote:
GFunk
You are acting like the internet tough guy.
Posted on 6/16/15 at 10:52 am to rpg37
Talk to your mortgage person before you do anything.
Posted on 6/16/15 at 2:01 pm to krehn11
quote:
krehn11
quote:
You are acting like the internet tough guy.
Yeah it's a character flaw. I have eAnger Issues. I'm seeing an iCounselor for it. I just have such a Cloud-based Napoleon Syndrome when someone clicks my hyperlink and makes href to my poor reading comprehension.
Posted on 6/16/15 at 5:20 pm to rpg37
A gift letter and copy of bank statements showing the funds go from her account to yours. I went through this a few months ago
Posted on 6/17/15 at 9:50 am to rpg37
Unless you NEED that $10,000 to qualify for the loan I wouldn't worry about it too much. If you do need it, you might have to jump through a few hoops like was mentioned in all the poop flinging between the 1st post and this one. 
Either way, if you have it in the bank put it down on your financial statement and let the lender decide what needs to be done. They do some goofy stuff sometimes. I refi'd a 2nd home about a year ago and the lender didn't include about $400K worth of retirement accounts and then put some ridiculous $40,000 value on "personal effects" or something like that. I was like, you won't include cash but you will include furniture and lawn mowers?
Either way, if you have it in the bank put it down on your financial statement and let the lender decide what needs to be done. They do some goofy stuff sometimes. I refi'd a 2nd home about a year ago and the lender didn't include about $400K worth of retirement accounts and then put some ridiculous $40,000 value on "personal effects" or something like that. I was like, you won't include cash but you will include furniture and lawn mowers?
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