Home Buying in 21157>Question Details

Tbl, Home Buyer in 21157

I want to buy a house and my father wants to pay for the down payment from overseas.

Asked by Tbl, 21157 Mon Nov 30, 2009

My father is from Brazil and he lives there. How should we do it? I dont know how he would be able to send me such big amount from overseas. What's the best way to proceed in this case?

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Answers

3
It's important to be working with a great lender who will prepare the proper documentation and give you the loan product guidelines on gifts (from parents). The title company and lender along with your realtor can coordinate every step of the transaction.

There can be limits on the amount of money any one can give towards a downpayment so be closely in touch with all of the above early in the process.

Thanks
Kevin & Jenni Utz
Team Utz
Westminster, Maryland 21157
410-984-8024
0 votes Thank Flag Link Mon Jan 25, 2010
Be sure to check with your lender so you'll know what documentation will be required for these funds. The lender will need to show some sort of paper trail from your father to document the source of funds per FHA requirements. Failing to document properly could cost you a lot of extra time and effort, as well as potential delays in closing your loan.
0 votes Thank Flag Link Tue Dec 1, 2009
Yes, he can, so you're fine. Your lender will give you the intimate details, but basically - if the down payment is wired to the escrow office early enough, life for you will be fine and joyous.
0 votes Thank Flag Link Mon Nov 30, 2009
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