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Can spouse pay entire downpayment?

I plan to be the sole person on the loan but me and my spouse will both be on the title ( I guess TX law). Can my spouse pay the entire 5% downpayment? Or do I have to come up with the entire downpayment with my own funds?

Thanks
  • July 25 2013 - Austin
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Answers (6)

Best Answer

if you were putting a full 20% down, it can be done however if it is only 5% then it would have to be a joint account and then a letter from the peron not on the loan itself would have to indicate that they have access to the account. And a gift letter would be filled out as well.

If it is a seperate account and only 5% than it can not be done. That is a standard Fannie Mae freddie Mac guideline.

Good luck and let me know if i can be of any other assistance!
  • July 25 2013
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This is fine.
Underwriter will want a letter ffrom her saying that you have acces to those funds. Maybe a gift letter.
We do this all of the time.

Let me know if I can answer any follow up questions.
Tom Burris
  • July 26 2013
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Thanks guys for your help!!
  • July 25 2013
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You should just need a gift letter from your wife if the funds are not in a joint account.  If the funds are in a joint account, then you may just be required to provide a use of funds letter from your spouse stating you have full access and use of all funds in the joint account.
  • July 25 2013
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Thanks Mike and Scott..

So if I understand this correctly, if my spouse adds me as a joint account holder in the bank account, then that should suffice (of course in addition to the gift letter and access to account letter). In that case I do not need to transfer funds from my spouse's account into my account. Just add myself to my spouse's account...

Thanks
  • July 25 2013
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The spouse can 100% gift downpayment/closing costs. Fannie Mae changed this, so now it's allowable. You'd just need to provide a gift letter with the proof of funds.
  • July 25 2013
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