Profile picture for vqminh

Do I need legal document to use $100k my parents sent me from Vietnam to buy a house?

Do my parents need to prove their source of income in order for me to use it to buy a house?
  • January 02 2009 - Milpitas
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

You have mail
  • January 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
You might consider asking this in the mortgage section here for more responses from loan officers and mortgage brokers. I would think you might have to disclose the source of the funds to the bank. Usually, they won't let you get "gifted" more than a certain amount, but maybe there's an exception for out of country monies, I don't know. It's worth finding out about though. 
  • January 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for vqminh
I'm looking for $450 k in Milpitas. My income is $100k. Thank you. What kind of verification should I expect?
  • January 02 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It depends on which lender is used.  With 30% down in CA I know of a lender where the assets are not verified; however, you still have to qualify when it comes to income...  Where are you looking to purchase and at what price?

  • January 02 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.