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I understand that on our end working wise but for the down payment too? I wouldn't think you would be able to put 70k down within two years with other bills to pay.
If you want to put down $70k in 2 years, put that $$ in a separate account & dont touch it. You will not only need $$ for a downpayment, you will need to prove you can afford the monthly payments, taxes, closing costs, atty fees and anything else. If you put down all the $70k and have very little other $$, you will likely not get the mortgage.
First off, the bank will automatically report the $70K deposit to the IRS.
Secondly, the bank you get the mortgage from MAY want to know where you got this $. The fact that it was not earned by you and the fiance MAY raise a red flag as to your ability to afford the mortgage.
If they decide to not make an issue of it, they may still make you fill out a form stating that it was a gift.
The fact that you did this 2 years out was very good from a mortgage prospective. They may not even ask 2 years from now.
Only thing to worry about now is the bank and the IRS.
don't forget the condo/co-op board. I was asked for 3 yrs of bank statements from a manhattan co-op....but 2 is the norm....
When I bought my co-op many years ago, the board consisted of a gaggle of 70 year old miserable women. I had a major problem showing them my financials but, did it anyway.
Also had an "in" with the real estate agent that basically had a monopoly on the building. That helped.
What about having the 14k gift payment go through relatives accounts for each year?
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