If you’re expecting financial help from your parents, grandparents or some other loved one in your home purchase, you’ll need to get a plan together early. How much are they able to contribute? When can they write you a check or transfer the funds? Are they willing to document the entire transaction going in and coming out of their account?
Not knowing these details up-front can throw off your mortgage loan and your home purchase entirely. The donor should be clear on how much they’ll be giving you and when, as well as how to fully document the gift and write a gift letter for your lender.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports