Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have had some money gifted to me from a family member. Now the bank lender that I am trying to get a loan through is asking for a bank statement from the donor of the gift money. Does this sound legal or is it normal?
If its an FHA or a VA loan, conclusive transfer of funds must be documented. Ask your lender if you could obtain a copy of the canceled check and a letter from the donor's bank that sufficient funds were on deposit at the time the check (wire or transfer) cleared. If its a conventional loan, you would just need a canceled check.
Please realize these are guidelines for the specific types of loans. Many lenders have additional requirements (called overlays) and will always trump what Fannie, VA, or FHA requires. Very few of us deliver to Fannie and government pools directly.
If its an FHA or a VA loan, conclusive transfer of funds must be documented. Ask your lender if you could obtain a copy of the canceled check and a letter from the donor's bank that sufficient funds were on deposit at the time the check (wire or transfer) cleared. If its a conventional loan, you would just need a canceled check.
Please realize these are guidelines for the specific types of loans. Many lenders have additional requirements (called overlays) and will always trump what Fannie, VA, or FHA requires. Very few of us deliver to Fannie and government pools directly.
I am going conventional with 10% down and have already provided copies of cancelled checks, deposit slips and my bank statements. I am buying out of state. Would that make a difference?
I am going conventional with 10% down and have already provided copies of cancelled checks, deposit slips and my bank statements. I am buying out of state. Would that make a difference?
No, it shouldn't. I sounds like the team processing your loan only knows one tune, very frustrating. Ask them if in lieu of the statements, can you get a letter from the donor's bank stating sufficient funds were on deposit at the time check #_______ cleared donor's account. Note: donor's full name and account number needs to be in letter.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
