Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I am hoping that since I am going to my regular bank for my mortgage and that the money is being wired into my account, that they will have al that they need. If not then I shouldn't have a problem coming up with a trail.

The bank would know the money was wired in, but the bank wouldn't know if it were a loan or not.

If this money is going to be used as a down payment and you are starting the paperwork in less than 60 days, you would want to ask for a "gift letter", which is a letter from the party that wired you the money, stating that (1) the money is a gift, and (2) they don't expect any repayment, and the letter should be dated and signed. Let them know a copy of the letter is going to your mortgage company so they don't add anything that they wouldn't want strangers to read.

Generally, if the money is in one of your accounts for over 60 days, the mortgage company considers it "seasoned" and generally doesn't ask where the money had come from. If it is less than 60 days, the mortgage company becomes concerned that it may be a loan, and thus would like something to relieve them of that concern, such as a gift letter, or statement of receiving it as an inheritance, record of sales of an asset.

By the way, the mortgage company would want two years of W-2 statements (or tax return statements if the qualifying income includes non-wage income), two months of bank statements, pay stubs, etc., because they package up that documentation to send to the underwriters.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.