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Old 01-13-2010, 08:46 PM
 
146 posts, read 781,378 times
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Can someone please explain to me why the bank needs the account number of the person giving the gift money to the buyer toward a home purchae?
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Old 01-14-2010, 12:03 AM
 
51 posts, read 286,140 times
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Quote:
Originally Posted by wcaamyg View Post
Can someone please explain to me why the bank needs the account number of the person giving the gift money to the buyer toward a home purchae?
So the bank can verify that the funds actually come out of the gifter's account. Just fraud prevention is all...plus their account # is on their check...
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Old 01-14-2010, 12:47 AM
 
146 posts, read 781,378 times
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Our lender said that the account number was not on the cashier's check. The gift was from my husband's elderly grandmother. I don't want to have to scare her by asking her for her account number, I was hoping for a way around it.
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Old 01-14-2010, 12:58 AM
 
Location: Sacramento
2,568 posts, read 6,229,750 times
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Quote:
Originally Posted by wcaamyg View Post
Our lender said that the account number was not on the cashier's check. The gift was from my husband's elderly grandmother. I don't want to have to scare her by asking her for her account number, I was hoping for a way around it.
I don't know about account numbers. I thought what they needed is a letter signed by her stating the money was a gift and you do not have to pay her back. Did they ask you for that? I wonder if they think she borrowed the money for you.
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Old 01-14-2010, 01:36 AM
 
146 posts, read 781,378 times
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Yes, we gave a gift letter as well.
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Old 01-14-2010, 01:59 AM
 
Location: Sacramento
2,568 posts, read 6,229,750 times
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Well it is one of those things that if the lender asks for it you give it to them or they can deny you.
Also I am confused about the cashier's check, who did you give it to? Wouldn't you bring it at closing?
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Old 01-14-2010, 06:50 AM
 
Location: Plano, Texas
1,675 posts, read 6,645,310 times
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All lenders require a papertrail from where all money came from. Anyone giving a gift toward the purchaes of a home must provide a copy of the statement from where the money came from and you must provide statements of where the money went.

No way to get around this. Just let your grandmother know the lender needs to verify where the funds came from so they need the most recent bank statement.

Congratuations on your new home. Dont forget to file for the home buyer tax credit.
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Old 01-15-2010, 02:11 PM
 
67 posts, read 198,578 times
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Originally Posted by VictorBurek View Post
All lenders require a papertrail from where all money came from. Anyone giving a gift toward the purchaes of a home must provide a copy of the statement from where the money came from and you must provide statements of where the money went.

No way to get around this. Just let your grandmother know the lender needs to verify where the funds came from so they need the most recent bank statement.

Congratuations on your new home. Dont forget to file for the home buyer tax credit.
This is correct. Where I work, we require a gift letter, document verifying gift donor's ability to give (as stated above - a bank statement) and proof of receipt of gift funds (into your account).
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Old 01-15-2010, 04:17 PM
 
146 posts, read 781,378 times
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Thanks everyone. I was trying to avoid asking for the account number, but had to go ahead and do it. We had provided a gift letter, a copy of the cashier's check, and a copy of our receipt showing the deposit of the funds. We just didn't know why we also needed the account number.
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