Home Buying in Metairie>Question Details

Tina, Home Buyer in Metairie, LA

how to document a cash gift ?

Asked by Tina, Metairie, LA Tue Jul 16, 2013

Help the community by answering this question:


Speak with your lender to see what documents their investor requires. Normally, a letter from the person giving you a gift stating it is not a loan. Also a copy of that person's bank statements documenting that the money was withdrawn from their account and has been in their account for at least 3 months.
0 votes Thank Flag Link Wed Aug 14, 2013
do not do ANYTHING until you talk to your bank... there are unique guidelines that YOU MUST FOLLOW.
0 votes Thank Flag Link Sat Aug 3, 2013
Hello Tina,

The person giving you the gift will need to write a letter indicating:

1. The amount of the gif
2. Thee date it is given
3. Purpose of gift.

They must further stipulate it is a gift, and they are giving it to you with no expectation of repayment.

Best of luck to you!!!

Kawain Payne, Realtor
Prudential California Realty
0 votes Thank Flag Link Thu Jul 18, 2013
Lenders are looking for paper trails. If you are gifting money, make sure you can show where you took the money from. For example, if the money came from your bank account, have a bank statement showing the funds were withdrawn from your account. If it is coming from a retirement or investment account, have documentation showing the withdrawal. Make sure names and account numbers stay consistent throughout.
0 votes Thank Flag Link Tue Jul 16, 2013
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