[SD Realtor]

FLU I don’t think they care where the money comes from. I have no idea what the underwriting groups use as guidelines to govern the decisions they make, and thus care as to where the money came from. If the money is gifted it usually is no problem at all. A simple gift letter generally suffices and no seasoning is needed at all. However if there are larger sums involved and for some reason the money was not gifted, coming up with it at close of escrow out of the blue is problematic. Usually a 30-60 day seasoning is sufficient but again, different lenders, different guidelines and no gaurantee that 6 months from now those will be static.

I always try to err on the side of caution. To think that todays guidelines will be used by tomorrows underwriter is foolish. Another think that Sheldon (aka HLS) ALWAYS says is that guidelines are quite fluid and seem to change for more rigorous standards. So I would be remiss to imply to anyone that it is no problem to simply come up with the money at closing. Every lender has different criteria. Make no mistake, if your funds are dispersed in stocks, bonds, and various other assets, as long as you disclose them in the loan application, then when closing time comes and you have to liquidate the assets, then move the money to the account you end up wiring from, that is not a problem. You used assets you had already disclosed and the underwriter could account for them.

[SD Realtor]

FLU I don’t think they care where the money comes from. I have no idea what the underwriting groups use as guidelines to govern the decisions they make, and thus care as to where the money came from. If the money is gifted it usually is no problem at all. A simple gift letter generally suffices and no seasoning is needed at all. However if there are larger sums involved and for some reason the money was not gifted, coming up with it at close of escrow out of the blue is problematic. Usually a 30-60 day seasoning is sufficient but again, different lenders, different guidelines and no gaurantee that 6 months from now those will be static.

I always try to err on the side of caution. To think that todays guidelines will be used by tomorrows underwriter is foolish. Another think that Sheldon (aka HLS) ALWAYS says is that guidelines are quite fluid and seem to change for more rigorous standards. So I would be remiss to imply to anyone that it is no problem to simply come up with the money at closing. Every lender has different criteria. Make no mistake, if your funds are dispersed in stocks, bonds, and various other assets, as long as you disclose them in the loan application, then when closing time comes and you have to liquidate the assets, then move the money to the account you end up wiring from, that is not a problem. You used assets you had already disclosed and the underwriter could account for them.

[SD Realtor]

FLU I don’t think they care where the money comes from. I have no idea what the underwriting groups use as guidelines to govern the decisions they make, and thus care as to where the money came from. If the money is gifted it usually is no problem at all. A simple gift letter generally suffices and no seasoning is needed at all. However if there are larger sums involved and for some reason the money was not gifted, coming up with it at close of escrow out of the blue is problematic. Usually a 30-60 day seasoning is sufficient but again, different lenders, different guidelines and no gaurantee that 6 months from now those will be static.

I always try to err on the side of caution. To think that todays guidelines will be used by tomorrows underwriter is foolish. Another think that Sheldon (aka HLS) ALWAYS says is that guidelines are quite fluid and seem to change for more rigorous standards. So I would be remiss to imply to anyone that it is no problem to simply come up with the money at closing. Every lender has different criteria. Make no mistake, if your funds are dispersed in stocks, bonds, and various other assets, as long as you disclose them in the loan application, then when closing time comes and you have to liquidate the assets, then move the money to the account you end up wiring from, that is not a problem. You used assets you had already disclosed and the underwriter could account for them.

[SD Realtor]

FLU I don’t think they care where the money comes from. I have no idea what the underwriting groups use as guidelines to govern the decisions they make, and thus care as to where the money came from. If the money is gifted it usually is no problem at all. A simple gift letter generally suffices and no seasoning is needed at all. However if there are larger sums involved and for some reason the money was not gifted, coming up with it at close of escrow out of the blue is problematic. Usually a 30-60 day seasoning is sufficient but again, different lenders, different guidelines and no gaurantee that 6 months from now those will be static.

I always try to err on the side of caution. To think that todays guidelines will be used by tomorrows underwriter is foolish. Another think that Sheldon (aka HLS) ALWAYS says is that guidelines are quite fluid and seem to change for more rigorous standards. So I would be remiss to imply to anyone that it is no problem to simply come up with the money at closing. Every lender has different criteria. Make no mistake, if your funds are dispersed in stocks, bonds, and various other assets, as long as you disclose them in the loan application, then when closing time comes and you have to liquidate the assets, then move the money to the account you end up wiring from, that is not a problem. You used assets you had already disclosed and the underwriter could account for them.

[SD Realtor]

sdr 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.

[SD Realtor]

sdr 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.

[SD Realtor]

sdr 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.

[SD Realtor]

sdr 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.

[SD Realtor]

sdr 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.

[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.

[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.

[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.

[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.

[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.

[SD Realtor]

hehehehe

Believe me bearish I have no feelings of sorrow for the flippers as well. This is endemic of the last several months at the trustee sale. Crazy crazy crazy overbiding.

Also unless they fixed the side gate, one should be able to go araound back and sit on the porch like you said!

[Author]

Posts