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Old 10-16-2014, 06:26 PM
 
62 posts, read 82,327 times
Reputation: 28

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Hi,

When buying home, I'll be receiving money from my friends as gifts. This is became like a tradition in my culture for generations. i.e I'll also gifting when they buy a home.

But I heard that lender might not consider that towards downpayment? What are my options in that case?
I'm just $12k shot to make it to 20%. And the interest rate will drop from 4.7 to 4.25 if I do 20%.
Average gifts per person would be around 2k.

1. Is there any law about it? Or it's completely the lender call?

2. Can I ask the the lender to confirm at least 60 days prior if he accepts the gifts towards downpayment? So I can avoid last min surprises.

Please suggest.

Thanks
Raj
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Old 10-16-2014, 06:38 PM
 
313 posts, read 458,372 times
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Money from friends for buying a home!?!?!?

Average 2k!?!?!?

How do I become a member of your culture?
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Old 10-16-2014, 07:00 PM
 
Location: Richmond, VA
835 posts, read 851,547 times
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I know right!! Lol but I wouldn't want to have to give $2,000 to all my friends either. At that point you may be losing money. Anyway op,

I read somewhere (Nolos essential home buying book) that the bank will consider any funds that were in your account for at least 60 days. At that time they consider it "yours" so I would think you would be good to go if you make the deposit 60 days out.
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Old 10-16-2014, 07:02 PM
 
Location: Fredericksburg, Va
5,182 posts, read 13,272,659 times
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Glad you're not my friend...I don't have that kind of money to give as a "gift"!
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Old 10-16-2014, 07:04 PM
 
4,711 posts, read 10,846,925 times
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My father spotted me the down payment for my first house. The lender wanted a statement from him that the money was a gift.

That was 40 years ago though......
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Old 10-16-2014, 07:16 PM
 
Location: New-Dentist Colony
5,735 posts, read 8,923,614 times
Reputation: 3857
If you get a signed statement that the money is entirely as a gift and is not to be repaid, you'll be fine.
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Old 10-16-2014, 08:17 PM
 
62 posts, read 82,327 times
Reputation: 28
Quote:
Originally Posted by Badger21 View Post
Money from friends for buying a home!?!?!?

Average 2k!?!?!?

How do I become a member of your culture?

By giving gifts. You can start with me !!!!!
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Old 10-16-2014, 08:21 PM
 
62 posts, read 82,327 times
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Quote:
Originally Posted by harrisce4 View Post
I know right!! Lol but I wouldn't want to have to give $2,000 to all my friends either. At that point you may be losing money. Anyway op,
Now you got it !!!
Quote:
I read somewhere (Nolos essential home buying book) that the bank will consider any funds that were in your account for at least 60 days. At that time they consider it "yours" so I would think you would be good to go if you make the deposit 60 days out.
Good to know. So I should keep the funds for 60 days.
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Old 10-16-2014, 08:32 PM
 
Location: northern va
1,582 posts, read 2,116,811 times
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different lenders, different guidelines.

Deposit the funds and keep them in there for atleast two months and you should be good.
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Old 10-16-2014, 08:57 PM
 
62 posts, read 82,327 times
Reputation: 28
Quote:
Originally Posted by Carlingtonian View Post
If you get a signed statement that the money is entirely as a gift and is not to be repaid, you'll be fine.
Thanks. As mentioned in previous response Should I need to keep the amount for any certain days?
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