Home Buying in 92806>Question Details

Kristy, Home Buyer in Norco, CA

we have put an offer on a house and have most of the downpayment in our account. what we don't have at?

Asked by Kristy, Norco, CA Thu Feb 12, 2009

closing my grandma is giving us as a gift for an engagement present. they have counter offered us and we accepted and sent all documents required to them. is it going to be a problem that the whole downpayment amount is not showing in the account at this time?

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8
This does happen often. It is not a problem. Just make sure your loan officer knows right away so that they can plan for it.
0 votes Thank Flag Link Sat Feb 21, 2015
It is not a problem but you have to speak with your lender and get a letter from you grandma regarding the gift and the amount as well as her bank statement showing the amount. That will prove that the funds are available.
0 votes Thank Flag Link Sat Feb 21, 2015
Kristy,

Sounds like you have nothing to worry about. Your offer has been accepted, and your grandma has agreed to give you any shortfall of funds.

I suggest you get a closing statement from your lender. This will have the amount of funds you will need to pay at closing. You can determine from the statement how much money your grandma will need to give you. Perhaps she would be willing to put the funds in your account now.

Congrats, and Best of Luck to YOu.

Kawain Payne, REaltor
0 votes Thank Flag Link Sun May 20, 2012
A letter and verification of gift funds may be a good idea if the listing broker has an issue, but is sounds to me that this is a non issue since your offer has been accepted. Congrats!
0 votes Thank Flag Link Sat May 19, 2012
I ask for verification of funds on all offers. If I were you I would provide a copy of the monies in the account the gift $ is in, as well as a letter stating the gift amount to be given. I always do that when gift money is involved with buyers that I am representing. It helps to be upfront and validate your offer! Hope you get your offer accepted.
0 votes Thank Flag Link Fri May 18, 2012
There is no problem. Your Realtor or Lender should have explained if they are aware of the gift that it is coming from your grandmother and the lender will ask for a copy of the statement showing your grandma has had the money in her account for at least 3 months and has not borrowed it, then you will just need to give a copy of the check she writes to you to the lender so he can see that the money is coming from the account statement they have asked for and lastly a gift letter stating she does not expect repayment. But it is important that if you have not let your Lender know that you let him know in case there is other documentation the bank may require with all that is happening to the banks these days.

Good luck with your offer and closing escrow. Hope my information was helpful.

Regards,
Barbara Robbins-Olexa, Broker
L B Brokerage
714-296-7270
bstrealtor@aol.com
http://www.barbararobbinsolexa.com
0 votes Thank Flag Link Thu Feb 12, 2009
No, it is not a problem that the entire amount is not in the account now. The lender will want to document where the balance of down payment and also closing costs are coming from. A gift letter from your grandma will suffice. This will also document that the funds from grandma are indeed a 'gift' and not a 'loan', which is critical.

Congratulations, and good luck to you on your great investment!
0 votes Thank Flag Link Thu Feb 12, 2009
HI Kristy, not showing all the downpayment should not be a probelm. The sellers usally are not to worried about where the money is and where it is coming from, the lenders are the one who are usually more concerned. Lenders also want to know where the money is coming from if it is not in your account. In such situations, they just require to have a letter showing where the money is coming from, (Gift letter).
If it is a concern to you, just contact your lender and he can clarify details for you.

Good luck on your closing and congratulations on the big step!
Mahesh Mike Patel
714.470.8600
mike@mikepatel.com
Web Reference: http://www.MikePatel.com
0 votes Thank Flag Link Thu Feb 12, 2009
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