Financing in Orange County>Question Details

Firsthome, Home Buyer in Orange County, CA

100% access letter for joint account need to be notarized?

Asked by Firsthome, Orange County, CA Tue Sep 13, 2011

I heard that an account access letter is needed if my downpayment is in a joint account but only I will be on the loan. Do banks have a formal form letter for this, or do we create it ourselves? Also, does the statement need to be notarized?

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4
The letter just needs to state that you have full access to the account. I have never had a borrower required to have this letter notarized.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Tue Sep 13, 2011
Standard letter requested, typically on FHA purchase, when one spouse is on the loan to buy a home while the other is not; and the funds are being used at closing for down payment or closing costs. If you'd like samples, pls email me at: alfer.rodenburg@gmail.com
Flag Wed May 7, 2014
Sounds like Doug knows the answer and it makes the most sense to me. I believe lenders come across this when a child and parent have a joint account and now the child is buying a home. Sounds something like a gift letter so everyone knows where the funds are coming from. The bank doesn't really care but with the lending underwriting guidelines changing all the time the underwriter does care and may want something from the bank and may even want it notarized. Just find out early as you can to avoid any delays and good luck.

Brian Wilson, Realtor
DRE #01321478
949-933-0852
0 votes Thank Flag Link Tue Sep 13, 2011
It can just be a handwritten or typed note that you have 100% access to the funds in your joint account #______ at ________ bank, signed & dated by the other account holders.
0 votes Thank Flag Link Tue Sep 13, 2011
The letter is usually from the other account holder(s) and does not have to be notarized. Typically the bank does not have to get involved unless your lender is requesting that the letter come from your bank rather than the other account holder(s). I would be surprised if a bank had a "form letter" for this type of request if you need one from your bank.

Doug Fujikawa
(858) 414-0990
0 votes Thank Flag Link Tue Sep 13, 2011
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