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Do I have to disclose a parent's gift? |
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Do I have to disclose a parent's gift?
Having generous parents is nothing to hide. An estimated one-third of first-time buyers purchase their home with a loan or a money gift from their parents.
Lenders will ask for a gift letter stating that no repayment of the "gift" is expected. In addition to the letter, a lender can ask for two or three months' worth of statements for the account where the down payment funds are located.
If the money was recently placed into that account, the lender may ask
where it came from and request verification of that source as well.
Resources:
* "The Homebuyer's Survival Guide," Kenneth W. Edwards, Dearborn Financial Publishing, Chicago; 1994.
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Last Updated ( Tuesday, 29 July 2008 )
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Service areasInformation on this website for real estate in Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado is deemed to be reliable but not guaranteed. Listings for real estate and properties in Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado provided by Y & M Real Estate LLC. Listings data may be useful for many Northern Colorado areas including Fort Collins, Frederick, Greeley, Evans, Johnstown, Milliken, Longmont, Loveland, and Windsor Colorado.
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