Profile picture for vqminh

Can I use $100k foreign gift?

Can i use $100k foreign gift to buy a $450k house, down payment $100k. My income is $100k/year. The money comes from my parents, do I need to to prove their source of income?

Will it help if I lower the gift amount to $80 and put $20 of my own? Will if help if I put more down payment?

Thank you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03 2009 - Milpitas
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (3)

Best Answer
vqminh,
There are still some loan programs available that allow gift funds for some or all of the down payment.  However, the gift funds are documented as such and accompanied by gift letters.
Contact your bank to see what loan programs they may have to fit your financial needs.
Or, ask your real estate agent to help you find a reputable lender that has loan program to fit your financial needs.
Best of luck on your purchase.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03 2009
Put the money in your bank accoun t and then wait 90 days to buy.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03 2009
Profile picture for Mr Caveat
you ought to put down as much as possible, and lenders will not know where the savings came from if you don't tell them. pay your taxes first, but after that you can use the money however you want... i would be surprised to find out that lenders even ask "where did this money come from"?

they are a bit preoccupied with the huge potential downside for holding RE and the relatively limited potential upsides. you are a strong candidate to buy, but should approach this very cautiously 1 in five American households approached buying a home like buying a dinete set, look where that has gotten us!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 03 2009
 
Related Questions
Neighborhood near Milpitas town center (Shapell townhomes)
Profile picture for Tony Ngai
Latest answer by Tony Ngai
July 07 2013 | 1 answers
My home builder installed the wrong size tile in my new home. What would be the best resolution?
Profile picture for wetdawgs
Latest answer by wetdawgs
February 09 2013 | 5 answers
For a first time buyer, how much %could be the min down payment?
Profile picture for Mortgage Center Corp
Latest answer by Mortgage Center Corp
October 13 2012 | 11 answers
Recent Milpitas homes sold for 40 K
Profile picture for Elizabeth Tran
Latest answer by Elizabeth Tran
February 17 2010 | 2 answers
Where can I find a structural engineer in Milpitas, CA to inspect foundation?
Profile picture for Ofe Polack
Latest answer by Ofe Polack
November 02 2009 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2559 Alveswood Cir, San Jose, CA Home For Sale
    2559 Alveswood Cir, San Jose, CA 95131

     For Sale: $419,950

    • Beds: 2
    • Sqft: 1040
    • Baths: 2.0
    • Lot: 871
  2. 2403 Lacey Dr, Milpitas, CA Home For Sale
    2403 Lacey Dr, Milpitas, CA 95035

     For Sale: $735,000

    • Beds: 3
    • Sqft: 1374
    • Baths: 2.0
    • Lot: 6098
  3. 1841 Babe Ruth Ct, San Jose, CA Home For Sale
    1841 Babe Ruth Ct, San Jose, CA 95132

     For Sale: $745,000

    • Beds: 3
    • Sqft: 1320
    • Baths: 2.0
    • Lot: 5998
 
 
 
Sign in with Google