The Ugly Truth About Gift Funds
You think that it’s ok to accept money from friends or family for down payment after you’ve told your lender that you were going to get a gift. STOP RIGHT THERE!!!
Both FHA and Conventional guidelines are very specific about the conditions by which you can receive a gift and from whom. First of all, gifts should only be given by blood relatives or close relations, i.e. fiance or domestic partner. But even with the latter, proof of the relationship still must be proven via joint bank accounts or shared bills.
As for just accepting the gift funds and thinking it’s OK to do so, it’s not. Unfortunately, we have to trace the funds and verify their origination. This requires obtaining a bank statement from the donor. This might seem like an invasion of privacy, but it’s a requirement.
Follow these suggestions by Steve Sheldon at Superior Mortgage Group when using and obtaining money for your down payment
and your transaction will go alot smoother.
For the best Albuquerque Mortgage Call Steve Sheldon. Don’t forget if you or any of your friends and family are interested in Albuquerque Mortgages, Santa Fe Mortgages, or any mortgage in New Mexico contact Steve Sheldon at Superior MortgageGroup a Division of Goldwater Bank N.A.