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Asked by Naggingina, 92126 Sun Feb 26, 2012

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11
, ,
Sun Feb 26, 2012
BEST ANSWER
In order for monetary gifts to be considered your own and not require gift letters, the funds must be in your account for 90 days.
0 votes
Rene' De Bla…, , San Diego, CA
Tue Aug 13, 2013
As a rule of thumb, the most recent two months. Refrain from making any sizable deposits or withdrawals into the account. Otherwise, you will have to source it.
0 votes
Kathy Stodda…, Renter, Tucson, AZ
Fri Aug 9, 2013
My daughter paid me money that was owed to me $4700 which I deposited into my checking account(cash). The lender required a gift letter for this repayment of funds and now they want to know where she got this money from and they want copies of her bank statements going back to April 2012.... This was money owed to me and not a gift. Why would she need to complete a gift letter and now her financial statements?

Thanks
Kathy
0 votes
Jay Becker S…, Agent, La Jolla, CA
Wed Feb 29, 2012
There is no set time window, different lenders, different programs, different criteria.

Over the years I have developed a list of my top 3 lenders, feel free to drop me a line if you need a recommendation for financing, and I can also help with your real estate needs should you not be aligned with a realtor whom is adequately serving you.
Web Reference:  http://own-sd.com
0 votes
Rene' De Bla…, , San Diego, CA
Tue Feb 28, 2012
Gina,

It will only effect your loan if you were gifted the funds within the past 60 days. In that situation, you will need to provide a paper trail.

I am located in North San Diego County if you have any further questions or would like to meet in person.

Best,

Rene Joseph De Blanco
619-301-3185
0 votes
Sinead McAll…, Agent, Oceanside, CA
Mon Feb 27, 2012
Hi Gina,
If you need help getting your financing sorted out, feel free to give me a call. We can get you all sorted out and start looking for a new home!

Thank you!
Sinead McAllister
McAllister Homes Real Estate & Property Management
858-205-5215
brokermcallister@gmail.com
0 votes
, ,
Mon Feb 27, 2012
I can not speak for other lenders but with us it is 60 days, but if you are buying with an FHA loan 100% gift funds are acceptable
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, ,
Mon Feb 27, 2012
Why are you trying to hide the fact that a relative gave you money? Gifts from a relative are allowed on most loans, it just needs to be documented. Misrepresenting anything in the loan application process is dangerous. There really isn’t enough detail in your questions to give better insight than what you are getting. I have had an underwriter request up to 12 months of bank statements, every application is different. We have no way of knowing what you will need to document, it is based on what you put in the application. See the info in the link below, i hope it keeps you from making a mistake, good luck,
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Joan Congilo…, Agent, Freehold, NJ
Mon Feb 27, 2012
They can request up to 6 months bank statements. If the statements show that there were large sums of money depostied in your account that are not from your salary they may question it & ask you for an explanation or to possibly get a gift letter from your family.It is not a big deal and very common , especially for firs time home buyers.
Web Reference:  http://www.joancongilose.com
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Cory La Scala, Agent, San Diego, CA
Sun Feb 26, 2012
You usually only need two months of statements, so the gift money should already have been in your account and in your first statement. If you have any other questions, I'll be happy to answer them. If you'd like some lenders to talk to, I can send you some, just email or call.

Warm Regards,
Cory
0 votes
Vic Yamauchi, Agent, El Cajon, CA
Sun Feb 26, 2012
Typically two months so long as the average monthly balances are in line otherwise any large deposits ($1,000+) need to be explained.
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