Marlene Graham
Phone
(850) 566-3037
Fax
(850) 893-8254
Office
(850) 385-6685
Toll Free
(800) 741-1739
E-Mail Me
RE/MAX Professionals Realty
2030 Thomasville Rd Ste 3B
Tallahassee, FL 32312
To Determine If You Can Pre-Qualify For A Loan Click Here
• • •
Understanding the Loan Process
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When to Refinance
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Mortgage as Investment
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Loan Purchasing Strategies
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Maximizing Your Buying Power
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No Closing Cost Refinances
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Rate Lock
• • •
Frequently Asked Questions
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Current Lenders
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Private Mortgage Insurance
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Paying Points
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Negative Amortization
• • •
Loan to Value Ratio
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Mortgage Glossary
• • •
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Questions & Answers
Get the answers on home selling and buying.
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Parent Gifts & Loans - Q & A
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Q:
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Do I have to disclose a parent's gift?
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A:
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Having generous parents is nothing to hide. An estimated one-third of first-time buyers purchase their home with a loan or a money gift from their parents. Lenders will ask for a gift letter stating that no repayment of the "gift" is expected. In addition to the letter, a lender can ask for two or three months' worth of statements for the account where the down payment funds are located. If the money was recently placed into that account, the lender may ask where it came from and request verification of that source as well. Resources:
* "The Homebuyer's Survival Guide," Kenneth W. Edwards, Dearborn Financial Publishing, Chicago; 1994.
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Q:
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What is a gift letter?
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A:
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If someone is willing to make a gift of funds in order for you to purchase a home, lenders will ask for a gift letter stating that no repayment of the "gift" is expected. The amount of the gift and the date funds were transferred should be spelled out in the letter, along with the donor's name, address, telephone number and relationship to the borrower. In addition to the letter, a lender can ask for two or three months' worth of statements for the account where the down payment funds are located. If the money was recently placed into that account, the lender may ask where it came from and request verification of that source as well. Gifts -- with the proper documentation -- can be from relatives, friends, an employer, church, municipality, or nonprofit organization. Lenders often have stricter restrictions on gifts from friends and relatives other than parents. Also, if you put less than 20 percent down, some lenders may require that a portion of the down payment be your own cash, not a gift. If you want to use a gift as part of your down payment, check with individual lenders to learn the restrictions of specific private or government-insured mortgage programs.
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Home Advice
Get the answers
on home selling
and buying.
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Copyright © 1998 PCL Media, Ltd.
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