Important Tip When Using A Gift For Your Down Payment…

If you are planning on using a gift as the down payment on an FHA mortgage – here’s a tip for you…

The underwriter will very likely ask for a recent bank statement or verification of deposit from the gift giver to show that they had enough money in the bank to give the gift.You will want to prepare the gift giver for this.

They may feel it’s a bit intrusive for them to have to show their bank balance, but it’s just part of the documentation required in the mortgage industry.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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Brett Sampson