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May 18, 2010 at 2:28 PM #552050May 18, 2010 at 2:35 PM #552085DWCAPParticipant
I am also curious. Do you know any of the seasoning requirments? are most 30-60 days or is it more like 180?
May 18, 2010 at 2:35 PM #551986DWCAPParticipantI am also curious. Do you know any of the seasoning requirments? are most 30-60 days or is it more like 180?
May 18, 2010 at 2:35 PM #552363DWCAPParticipantI am also curious. Do you know any of the seasoning requirments? are most 30-60 days or is it more like 180?
May 18, 2010 at 2:35 PM #551392DWCAPParticipantI am also curious. Do you know any of the seasoning requirments? are most 30-60 days or is it more like 180?
May 18, 2010 at 2:35 PM #551499DWCAPParticipantI am also curious. Do you know any of the seasoning requirments? are most 30-60 days or is it more like 180?
May 18, 2010 at 3:12 PM #552100sdrealtorParticipant[quote=SD Realtor]The question should really be broken up. The first part of the question is with regards to gifting. How much can parents gift children without any tax implications. I believe the amount is 11k per parent to each child or spouse thereof but CONSULT WITH YOUR CPA.
Now with regards to the home. If you want the home to be held in your name only you want to get the money seasoned. Thus have it in your accounts a few months prior to wanting to obtain the loan. Different lenders have different seasoning requirements but if you go to get the loan and 24 days ago there is a whopper of a deposit into your account that aint gonna fly. So having the funds in your account a few months will save you a hassle later. Otherwise you may want to simply consider having your parents in the loan with you. Of course they will be obligated to provide the lender the same amount of info you will need to provide but it may be an alternative for you to consider.[/quote]
Bad and incorrect advice. I am doing a transaction with HLS right now. Buyer had funds gifted a couple weeks in advance. All that was needed was a gift letter. HLS can confirm this.
May 18, 2010 at 3:12 PM #552001sdrealtorParticipant[quote=SD Realtor]The question should really be broken up. The first part of the question is with regards to gifting. How much can parents gift children without any tax implications. I believe the amount is 11k per parent to each child or spouse thereof but CONSULT WITH YOUR CPA.
Now with regards to the home. If you want the home to be held in your name only you want to get the money seasoned. Thus have it in your accounts a few months prior to wanting to obtain the loan. Different lenders have different seasoning requirements but if you go to get the loan and 24 days ago there is a whopper of a deposit into your account that aint gonna fly. So having the funds in your account a few months will save you a hassle later. Otherwise you may want to simply consider having your parents in the loan with you. Of course they will be obligated to provide the lender the same amount of info you will need to provide but it may be an alternative for you to consider.[/quote]
Bad and incorrect advice. I am doing a transaction with HLS right now. Buyer had funds gifted a couple weeks in advance. All that was needed was a gift letter. HLS can confirm this.
May 18, 2010 at 3:12 PM #552378sdrealtorParticipant[quote=SD Realtor]The question should really be broken up. The first part of the question is with regards to gifting. How much can parents gift children without any tax implications. I believe the amount is 11k per parent to each child or spouse thereof but CONSULT WITH YOUR CPA.
Now with regards to the home. If you want the home to be held in your name only you want to get the money seasoned. Thus have it in your accounts a few months prior to wanting to obtain the loan. Different lenders have different seasoning requirements but if you go to get the loan and 24 days ago there is a whopper of a deposit into your account that aint gonna fly. So having the funds in your account a few months will save you a hassle later. Otherwise you may want to simply consider having your parents in the loan with you. Of course they will be obligated to provide the lender the same amount of info you will need to provide but it may be an alternative for you to consider.[/quote]
Bad and incorrect advice. I am doing a transaction with HLS right now. Buyer had funds gifted a couple weeks in advance. All that was needed was a gift letter. HLS can confirm this.
May 18, 2010 at 3:12 PM #551514sdrealtorParticipant[quote=SD Realtor]The question should really be broken up. The first part of the question is with regards to gifting. How much can parents gift children without any tax implications. I believe the amount is 11k per parent to each child or spouse thereof but CONSULT WITH YOUR CPA.
Now with regards to the home. If you want the home to be held in your name only you want to get the money seasoned. Thus have it in your accounts a few months prior to wanting to obtain the loan. Different lenders have different seasoning requirements but if you go to get the loan and 24 days ago there is a whopper of a deposit into your account that aint gonna fly. So having the funds in your account a few months will save you a hassle later. Otherwise you may want to simply consider having your parents in the loan with you. Of course they will be obligated to provide the lender the same amount of info you will need to provide but it may be an alternative for you to consider.[/quote]
Bad and incorrect advice. I am doing a transaction with HLS right now. Buyer had funds gifted a couple weeks in advance. All that was needed was a gift letter. HLS can confirm this.
May 18, 2010 at 3:12 PM #551407sdrealtorParticipant[quote=SD Realtor]The question should really be broken up. The first part of the question is with regards to gifting. How much can parents gift children without any tax implications. I believe the amount is 11k per parent to each child or spouse thereof but CONSULT WITH YOUR CPA.
Now with regards to the home. If you want the home to be held in your name only you want to get the money seasoned. Thus have it in your accounts a few months prior to wanting to obtain the loan. Different lenders have different seasoning requirements but if you go to get the loan and 24 days ago there is a whopper of a deposit into your account that aint gonna fly. So having the funds in your account a few months will save you a hassle later. Otherwise you may want to simply consider having your parents in the loan with you. Of course they will be obligated to provide the lender the same amount of info you will need to provide but it may be an alternative for you to consider.[/quote]
Bad and incorrect advice. I am doing a transaction with HLS right now. Buyer had funds gifted a couple weeks in advance. All that was needed was a gift letter. HLS can confirm this.
May 18, 2010 at 3:25 PM #552026SD RealtorParticipantsdr as I said different lenders have different requirements regarding seasoning. It is not bad advice at all. Sheldon frequently uses Flagstar as his lender. Also every case is unique. How much of the downpayment is gifted, what are the ratios for that particular buyer, also will have bearing on the case. I still stand behind the fact that having the money seasoned is sound advice. Is it mandatory? No. However is it beneficial? Yes I am sure even Sheldon would say that it doesn’t hurt. The more lenders a broker can get the loan from, the better it is for you as a buyer. Similarly being able to shop your loans with a credit union or any of the mainstream banks is never a bad idea as well. A couple weeks in advance along with the escrow time will total up to perhaps 2-3 months by COE. To me that is nicely seasoned.
May 18, 2010 at 3:25 PM #552125SD RealtorParticipantsdr as I said different lenders have different requirements regarding seasoning. It is not bad advice at all. Sheldon frequently uses Flagstar as his lender. Also every case is unique. How much of the downpayment is gifted, what are the ratios for that particular buyer, also will have bearing on the case. I still stand behind the fact that having the money seasoned is sound advice. Is it mandatory? No. However is it beneficial? Yes I am sure even Sheldon would say that it doesn’t hurt. The more lenders a broker can get the loan from, the better it is for you as a buyer. Similarly being able to shop your loans with a credit union or any of the mainstream banks is never a bad idea as well. A couple weeks in advance along with the escrow time will total up to perhaps 2-3 months by COE. To me that is nicely seasoned.
May 18, 2010 at 3:25 PM #551432SD RealtorParticipantsdr as I said different lenders have different requirements regarding seasoning. It is not bad advice at all. Sheldon frequently uses Flagstar as his lender. Also every case is unique. How much of the downpayment is gifted, what are the ratios for that particular buyer, also will have bearing on the case. I still stand behind the fact that having the money seasoned is sound advice. Is it mandatory? No. However is it beneficial? Yes I am sure even Sheldon would say that it doesn’t hurt. The more lenders a broker can get the loan from, the better it is for you as a buyer. Similarly being able to shop your loans with a credit union or any of the mainstream banks is never a bad idea as well. A couple weeks in advance along with the escrow time will total up to perhaps 2-3 months by COE. To me that is nicely seasoned.
May 18, 2010 at 3:25 PM #552403SD RealtorParticipantsdr as I said different lenders have different requirements regarding seasoning. It is not bad advice at all. Sheldon frequently uses Flagstar as his lender. Also every case is unique. How much of the downpayment is gifted, what are the ratios for that particular buyer, also will have bearing on the case. I still stand behind the fact that having the money seasoned is sound advice. Is it mandatory? No. However is it beneficial? Yes I am sure even Sheldon would say that it doesn’t hurt. The more lenders a broker can get the loan from, the better it is for you as a buyer. Similarly being able to shop your loans with a credit union or any of the mainstream banks is never a bad idea as well. A couple weeks in advance along with the escrow time will total up to perhaps 2-3 months by COE. To me that is nicely seasoned.
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