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Message
re: Kids Buying First Home
Posted on 10/10/23 at 9:40 am to Aubie Spr96
Posted on 10/10/23 at 9:40 am to Aubie Spr96
quote:
You may be required to provide a letter or sign something stating you’re their parent and you gave them it as a gift and not a loan
You are also welcome to note ahead of time with the bank/lender you are working with, that you will be giving gift funds. You can complete a gift fund letter of explanation, AND then wire directly to the title company for closing. We just did this with your exact scenario for a buyer/borrower we lent to. No seasoning requirement/no sourcing since it went directly to title.
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