NBR: Downpayment

Re: NBR: Downpayment

• stephl3055 member

  December 2013

  Yup, just a letter from the person giving you the money and saying that it is a gift and not a loan.  I don't think we had to get it notarized or anything. 

   
  LO then (2 days) and now (1 year) 
  

  
  

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• Tally879 member

  December 2013

  thanks, H talked to the bank today and got me all frazzled. 

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• foxyroxy member

  December 2013

  Maybe @surfergirl will know more. She knows everything about everything always.

  "She's the tied for the third-funniest person on this board!" -S13 Bumpies

  
  

  
  

  
  

  
  

  

  Foxy by Nature

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• OliveMom3 member

  December 2013

  Yup, you just need them to sign a letter saying it's a gift.

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• kennazebrowsky member

  December 2013

  Surfer girl works in realestate so I agree to ask her
  
  We got lucky and my aunt was our agent so we didn't have to pay any down payments, but it was just after the crash

  
  
  
  
  

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• VitaLuna member

  December 2013

  No advice.. I would never take money from family, especially borrowed. I agree on the surfergirl recommendation.

  

   

  

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• Skalbrecht member

  December 2013

  Yes, you just have to have a letter saying it's a gift. Your realtor or loan agent should be able to walk you through this.

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• emorda member

  December 2013

  Yes, besides the letter we also had to have the money in our bank account for 3 months beforehand. They wanted to see the balance history with the gifted amount reflected. Not sure about the laws in your state or with who you are getting your loan through. Your agent should know the requirements.

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• michelle7482 member

  December 2013

  Yes we did. We got a letter from the bank. We also had to show balances in our accounts for a few months with income coming in. I really don't remember much else it was many yrs ago.

  

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• Tally879 member

  December 2013

  Thanks ladies, I talked to the ppl today and it'll have been in our acct for long enough that it'll be fine.

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