Gift money from a corporate account.. My husbands boss wants to help us in the buying of our home but only has enough funds on his corporate account

Asked by Ptc Buyer, Peachtree City, GA Tue Apr 6, 2010

My husbands boss wants to help us reach the amount we need to purchase our home but he only has enough funds to cover 12K in his corporate business account. We are running out of time and our agent was not able to let us know if that could be done or not. The loan will be with WellsF and I have tried to google and still don't have an answer. Can someone please let me know if that has ever been heard of. A gift from a business account. PLEASE HELP!!!

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8
Bob McClure, Other Pro, Walled Lake, MI
Tue Apr 6, 2010
BEST ANSWER
good morning...typically this can be done...however, as all gift funds, it must be paper-trailed.....wells fargo is where you would persue the format for an acceptable gift letter...most all lenders have a standard format they use..you also stated that this is your husband's boss....i can only assume that he is your husband's employer?...(owns the company)....if he is the owner of your husband's company...you're okay to proceed..the process shouldn't take that long...also, depending on how you are financing the home- you may still need a certain percentage of your own funds to close...don't forget to ask about allowable seller concessions to drive down the cash needed to close.....hope that helps....bob mcclure- first preferred mortgage southfield, michigan...
1 vote
Dallas Texas, Agent, Dallas, TN
Tue Apr 6, 2010
Reatlor is not involved with the loan

All answers need come from your Wells Fargo loan officer who is responsible of the loan and clearing any conditions.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference:  http://www.lynn911.com
1 vote
Tina Carroll, Agent, Peachtree City, GA
Wed Oct 13, 2010
Get the 12K and deposit in your account and use as part of down payment. The 12K could be treated as a one time bonus perhaps.
0 votes
, ,
Wed Apr 7, 2010
The issue is mainly to clarify whether this gift can come from a non-relative. Although I have heard about the employer assisted housing, I have not come across this, but do know that the guidelines on most loans do not allow this, so you may need to have your loan officer clarify this for you.
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Apr 7, 2010
Employer assisted home buying is a great retention tool for the employer and a great benefit for the employee. There are legitimate ways to do it that can benefit both parties. Here is a link to get you started on the right path.
http://www.realtor.org/government_affairs/housing_opportunit…
0 votes
Lynel Adams, , Gainesville, GA
Tue Apr 6, 2010
Dear PTC Buyer:

Your Wells LO should have addressed this at the time of loan application, so you would of been prepared to gather the information on the front end. Typically, if this is a FHA loan a gift is acceptable from what they "deem" as a "blood relative/family relationship" something you can establish that relationship. It will need a supporting gift letter. I as a lender would of provided such letter and any LO should haev that and the supporting documentation to go with it. Where the funds come from is not an issue, just a letter fromt he bank that "x" person/Corp with "x" account had sufficient funds available for 12K or "X$" signed and dated by the bank and on letterhead. If it is a Conv loan, what % does the 12K =? Is the question, o n Conv loans you can not receive just any ole amount for a gift, they have restrictions on the %age. FHA does not limit that, would be 1 cent to the entire amount of 3.5% DP or more...

Thank you for allowing me to share my knowledge of lending for 17 years. I do hope this helps you!~

Lynel Adams, Sr Mortgage Consultant, 770-318-6740 lynel4mortgages@bellsouth.net
0 votes
Ptc Buyer, Home Buyer, Peachtree City, GA
Tue Apr 6, 2010
Thank you all for your prompt response. I wanted to clarify that when I said agent I was referring to our lending agent. But I will keep checking with him until he gives me an answer or will try to call the bank myself. Thanks again.
0 votes
Team Sullivan, Agent, Newnan, GA
Tue Apr 6, 2010
I'm in agreement with Bob.
Your lender should handle this for you.
Regards,

TEAM SULLIVAN
Karen and Sylvia 40+ years experience!
Keller Williams Realty Atlanta Partners
710 Newnan Crossing Bypass
Newnan, Ga 30265
770-789-1453
karensullivan@kw.com
SOUTHERNSTAGE.COM
0 votes
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