Question Details

mousead1, Home Buyer in California

part of down payment as a gift from boyfriend?

Asked by mousead1, California Wed Jan 19, 2011

My boyfriend and I are looking at buying our first house together. His credit score is not that good so we decided to put my name only on the mortgage (I have an excellent credit score and sufficient income). However, he will be contributing to part of the down payment. My question is that will lenders accept his money as a gift for the down payment? We're aware that he will have to submit a "gift" letter stating that the money is not a loan. Will lenders give us a hard time? If they will, are there any workarounds besides putting his money in my account for more than 2 months (because we're in a hurry at this point)? Thanks for all your answers.

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Answers

4
Mark, that was a great way of saying it, good advice. Also, Mouse, you may want his name on title if he is putting money into the deal. Some lenders will allow his money to be used if he is on title. Seeing as you don''t use attorney's out there, you don't have them to ask, unless you know someone who could advise you about the plusses and minusses of having him on title. His credit will not affect anything if he is on title only.
0 votes Thank Flag Link Wed Jan 19, 2011
mosuead1

Yes lenders will give you a hard time but it can be done.

Lenders will give even if the money is not aged for 2 months.

Perry
0 votes Thank Flag Link Wed Jan 19, 2011
If you haven't done so yet, do visit with any qualified loan officer(s), he/she can best advise as it relates to your specific situation--then go from there.
0 votes Thank Flag Link Wed Jan 19, 2011
There is a big chance lenders will give you hard time. They will accept money from a close relative or Fiancée. Gift from Fiancee should be ok. For homebuying purposes he might need to drop on one knee...
0 votes Thank Flag Link Wed Jan 19, 2011
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