Anyone ever use a "GIFT LETTER" to get a conventional Mortgage? - Posted by Cosmos Canada

Real Estate Investing
1

Posted by PBoone on December 03, 1999 at 11:23:29:

So long as the “Gift” is from a legitimate source ie Parents or other relatives then the lender will take them seriously. If the “Gift” is a blind then the lender will scrutinize.
Pat

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Anyone ever use a “GIFT LETTER” to get a conventional Mortgage? - Posted by Cosmos Canada

Posted by Cosmos Canada on December 03, 1999 at 10:25:31:

Ever use a gift letter as down payment?
Do the banks take them seriously?
Do they ask many questions or do they take them at face value?

Thanks boys and gals…

Cosmos Canada

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Re: Anyone ever use a “GIFT LETTER” to get a conventional Mortgage? - Posted by Glenn

Posted by Glenn on December 03, 1999 at 20:57:34:

Just helped my nephew get his first house this summer. He went FHA with a ‘gift’ letter from his grandmother. All went very smoothly. As PBoone said, if the relationship is right, there should be no problem.
Glenn