OT: Money gift from parents for downpayment

[sdrealtor]

The part about needing seasoning was the wrong part but not the bad advice. The bad advice part was putting the parents on the loan if it can be avoided. Guess I should be more clear.

[outtamojo]

As someone who has supplied “gift” money for downpayments to several relatives already I highly recommend seasoning if you want to cut down on the potential hassle factor. Sure you can sign a gift letter but the gifter has to sign paper work too and if the “gift” is large they are inclined to call the gifter to make sure it is really a “gift” and not a loan you are expected to pay back and thus increase your debt load. With lenders ultra cautious these days who knows what they will do. Properly season and you won’t have to deal with pesky questions.

[outtamojo]

As someone who has supplied “gift” money for downpayments to several relatives already I highly recommend seasoning if you want to cut down on the potential hassle factor. Sure you can sign a gift letter but the gifter has to sign paper work too and if the “gift” is large they are inclined to call the gifter to make sure it is really a “gift” and not a loan you are expected to pay back and thus increase your debt load. With lenders ultra cautious these days who knows what they will do. Properly season and you won’t have to deal with pesky questions.

[outtamojo]

As someone who has supplied “gift” money for downpayments to several relatives already I highly recommend seasoning if you want to cut down on the potential hassle factor. Sure you can sign a gift letter but the gifter has to sign paper work too and if the “gift” is large they are inclined to call the gifter to make sure it is really a “gift” and not a loan you are expected to pay back and thus increase your debt load. With lenders ultra cautious these days who knows what they will do. Properly season and you won’t have to deal with pesky questions.

[outtamojo]

As someone who has supplied “gift” money for downpayments to several relatives already I highly recommend seasoning if you want to cut down on the potential hassle factor. Sure you can sign a gift letter but the gifter has to sign paper work too and if the “gift” is large they are inclined to call the gifter to make sure it is really a “gift” and not a loan you are expected to pay back and thus increase your debt load. With lenders ultra cautious these days who knows what they will do. Properly season and you won’t have to deal with pesky questions.

[outtamojo]

As someone who has supplied “gift” money for downpayments to several relatives already I highly recommend seasoning if you want to cut down on the potential hassle factor. Sure you can sign a gift letter but the gifter has to sign paper work too and if the “gift” is large they are inclined to call the gifter to make sure it is really a “gift” and not a loan you are expected to pay back and thus increase your debt load. With lenders ultra cautious these days who knows what they will do. Properly season and you won’t have to deal with pesky questions.

[(former)FormerSanDiegan]

Some lenders have had seasoning requirements (at least historically, they did). A theory as to the reasons ? …. I guess the reason is that the amount put down reflects the borrower’s interest. If it comes from a third party (gift), then they might be more likely to bail in the future. I have no idea how many lenders currently require this, but from personal experience in the past some loans required you to supply several months of bank statements. Large deposits during that period may require explanation.
From a borrower perspective, Underwriter demands are not predictable across the board.

[(former)FormerSanDiegan]

Some lenders have had seasoning requirements (at least historically, they did). A theory as to the reasons ? …. I guess the reason is that the amount put down reflects the borrower’s interest. If it comes from a third party (gift), then they might be more likely to bail in the future. I have no idea how many lenders currently require this, but from personal experience in the past some loans required you to supply several months of bank statements. Large deposits during that period may require explanation.
From a borrower perspective, Underwriter demands are not predictable across the board.

[(former)FormerSanDiegan]

Some lenders have had seasoning requirements (at least historically, they did). A theory as to the reasons ? …. I guess the reason is that the amount put down reflects the borrower’s interest. If it comes from a third party (gift), then they might be more likely to bail in the future. I have no idea how many lenders currently require this, but from personal experience in the past some loans required you to supply several months of bank statements. Large deposits during that period may require explanation.
From a borrower perspective, Underwriter demands are not predictable across the board.

[(former)FormerSanDiegan]

Some lenders have had seasoning requirements (at least historically, they did). A theory as to the reasons ? …. I guess the reason is that the amount put down reflects the borrower’s interest. If it comes from a third party (gift), then they might be more likely to bail in the future. I have no idea how many lenders currently require this, but from personal experience in the past some loans required you to supply several months of bank statements. Large deposits during that period may require explanation.
From a borrower perspective, Underwriter demands are not predictable across the board.

[(former)FormerSanDiegan]

Some lenders have had seasoning requirements (at least historically, they did). A theory as to the reasons ? …. I guess the reason is that the amount put down reflects the borrower’s interest. If it comes from a third party (gift), then they might be more likely to bail in the future. I have no idea how many lenders currently require this, but from personal experience in the past some loans required you to supply several months of bank statements. Large deposits during that period may require explanation.
From a borrower perspective, Underwriter demands are not predictable across the board.

[Coronita]

i.c.

I learned something new today…Thanks SDR,sdr, Outto, and FSD

[Coronita]

i.c.

I learned something new today…Thanks SDR,sdr, Outto, and FSD

[Coronita]

i.c.

I learned something new today…Thanks SDR,sdr, Outto, and FSD

[Coronita]

i.c.

I learned something new today…Thanks SDR,sdr, Outto, and FSD

[Author]

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