Profile picture for appreciateadvice

Gift guidelines for downpayment/closing costs

What are they?  How should I prepare? We will be using a combination of proceeds from the sale of our current home, a gift from a relative, and savings. How can I make sure this goes smoothly?
  • May 02 2014 - US
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Answers (2)

Profile picture for Lakefrontmike
The gift part can be even easier depending on your lender. My preferred lender does get a Gift Letter too. But the donor wires the money to escrow so that way you don't need all that paper trail and it saves time.

Hopefully your lender can do the same.

Hope this helps

Mike
  • May 02 2014
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Gift is pretty simple.  Fill out a gift letter provided by your lender.  Show the money coming into your account and show the money coming out of the donors account either by both sides of a cancelled check or a copy of their bank statement showing the money coming out.  The sooner you can get the gift into your account the better.
  • May 02 2014
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