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GIFT OF MONEY

Profile picture for bailey149
SPOKE TO A MORTGAGE BROKER , TOLD HIM I RECEIVED A GIFT OF MONEY, TO HELP WITH PURCHASE OF HOME. I TOLD HIM I DIDNT WANT TO BUY FOR ANOTHER 4 MONTHS, HE SAID I DO NOT NEED A LETTER FROM THE DONOR . 
IS THIS TRUE, ? OR WILL I NEED A LETTER FROM THE DONOR EVEN THOUGH THE MONEY HAS BEEN IN MY SAVINGS  ACCOUNT  FOR 4 OR 6 MONTHS BEFORE I BUY?
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January 15 - San Diego
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Profile picture for shapiroamg
In 60 days those funds will be "seasoned". 
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January 16
Profile picture for HomesForSaleSanDiego
That is correct, what price range are you looking for?
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January 16
Profile picture for Roseville Loan Guy
Bailey,

Based on what you are telling us you should not need a donor letter or anything else from the donor because the funds will already be considered "seasoned" by the time you purchase your new home.

Sincerely,
Greg
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January 16
Profile picture for SigmaWealth
The poster did not say he or she needed a real estate agent. 
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January 16
Profile picture for Oceanside Specialist
Feel free to contact me directly to start looking for homes.
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January 15
Profile picture for LendingExpert
The reason he asked you not to produce a letter from the donor is because when you apply for the mortgage, you are required to produce only 60 days of bank statement. Since in your case the money has been in your account for a period longer than that, the lender would never know where did that money come from. You may still voluntarily make a full disclosure and get a letter from the donor if you wish to, but none of the lenders would actually ask you to do so.

Hope that clarifies! Let me know if I could be of further assistance.
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January 15
 

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