I have $112,000 in gift funds. I'm told now they must be "seasoned" for a FHA loan. I close in 1 week. What can I do?

Asked by Sballoweart, Steamboat Springs, CO Mon Jan 18, 2010

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Al Akerman, Mortgage Broker Or Lender, Lakewood, NJ
Mon Jan 18, 2010
Sb, gift funds do NOT have to be seasoned. They do have to be traced to the donor, but it could have been in the donors account for a day and that would be fine.

The donor has to show a copy of a statement showing the funds and you would have to provide proof of the transfer to your account or to the attorney.
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Mack McCoy, Agent, Seattle, WA
Mon Jan 18, 2010
Ask for an extension of closing and of your rate lock.
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