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"Gift not deposited" steps - FHA loan
Posted on 8/13/14 at 9:11 pm
Posted on 8/13/14 at 9:11 pm
Has any one done a "gift-not deposited" for an FHA loan? The instructions appear to be quite convoluted:
1) certified check made to title attorney, and buyers with the "donor" as the remitter
2) proof of money in account --> isn't that what a certified check is for?
3) gift letter (OK)
4) any documentation of donor moving money into their checking account, such as selling stock (again, a certified check says the money is there...who cares where it came from)
1) certified check made to title attorney, and buyers with the "donor" as the remitter
2) proof of money in account --> isn't that what a certified check is for?
3) gift letter (OK)
4) any documentation of donor moving money into their checking account, such as selling stock (again, a certified check says the money is there...who cares where it came from)
2
Posted on 8/14/14 at 7:49 am to The Hamburglar
quote:they care where it came from because they don't want their loan to be second in rank to another loan. you have to prove the source of the funds - this is a pretty standard practice.
.who cares where it came from
Posted on 8/14/14 at 11:02 am to The Hamburglar
Gifts for home loans are ridiculous. I mean I know what they're doing, but when a family member offers to gift money for a downpayment, it seems intrusive to ask for their bank statement, too. But you've got to do it.
Posted on 8/14/14 at 12:21 pm to lsujro
Think they also want to make sure that the money that is being gifted actually belongs to the donor.
I know when I got my loan they wanted to know the past 3 years of my investment account and see each trade, the source / trail of money flowing into the account. This definately isn't 2005 NINJA loan time
I know when I got my loan they wanted to know the past 3 years of my investment account and see each trade, the source / trail of money flowing into the account. This definately isn't 2005 NINJA loan time
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