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If you are not providing a gift letter, the funds must season in your account for 2 months. If you're obtaining a conventional loan, you must have some of your own money in the transaction which is why it needs to season. If you are obtaining an FHA loan, the funds do not need to season as the lender would require a gift letter be signed by whomever gave you the funds and that person must show the evidence that it came from them.
You'll have to pay taxes on a gift over a certain amount. Check IRS guidelines so you don't end up owing money on the gift.
For FHA, the max gift amount is $5,000 per relative. Be aware that your escrow/title company may also require a letter to be signed by the gift donor and showing proof that money has been sitting there for a while. I had to have a letter for my lender and escrow company.
For FHA, the max gift amount is $5,000 per relative. Be aware that your escrow/title company may also require a letter to be signed by the gift donor and showing proof that money has been sitting there for a while. I had to have a letter for my lender and escrow company.
I have never heard of a max. per relative for FHA or conventional. i.e. Your Dad could gift you $100k on a home purchase if he wants.
For FHA, the max gift amount is $5,000 per relative. Be aware that your escrow/title company may also require a letter to be signed by the gift donor and showing proof that money has been sitting there for a while. I had to have a letter for my lender and escrow company.
Incorrect.
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