FHA gift letter guidelines help! - Posted by S. Autumn

Posted by Sandy on March 28, 2001 at 20:20:52:

Once you go to a lender and say the funds will be a gift, there is a letter, sort of an affidavit, that needs to signed by the person giving the gift. The only other thing needed is a copy of the check from the account of the gift-giver written to you.

The lender doesn’t need bank statements. They just want to verify that the account really does exist and that the funds being gifted to you are there.

FHA gift letter guidelines help! - Posted by S. Autumn

Posted by S. Autumn on March 21, 2001 at 20:52:18:

hello, and thank you for answering my post. I just came from the www.hud.gov site but can’t seem to find the answer yet. We are closing on a home in five days. The person who gave us the down payment “gift” would prefer not to provide personal bank statements. They feel privacy is being compromised. Instead they would like to provide a notarized letter from the financial planner at Merrill Lynch which states the account is long standing and capable of funding a gift letter of that specified amount. What web site and section would I look up that states specifically what documents are FHA approved to show the “gift” money is legit?
Thank you
S.Autumn