why would a bank need a letter stating that I have access to my mother's bank accounts when she is not a co?

Asked by Shannond6, 25504 Wed Jun 24, 2009

signer of the loan?

Help the community by answering this question:

+ web reference
Web reference:


Daniel Casta…, Mortgage Broker Or Lender, Forest, VA
Thu Jun 25, 2009

This is quite common. I assume you are purchasing a home and the bank statement has your moms name on it. Even though she is not cosigning for the mortgage, the bank needs to know that you are allowed access to the funds at all times. Its a silly condition, but an easy one to meet.
0 votes
Darrell Evans, Mortgage Broker Or Lender, Las Vegas, NV
Wed Jun 24, 2009
Hmmm...sounds a little odd? Are you getting a gift from your mother for the down payment as allowed on a FHA loan? If so, you'll need to have your mother complete a gift letter as required by the FHA lender. If you are getting a gift on a conventional loan, she'll need to complete a gift letter as well as prove with her bank account that she had the funds to gift to you....(fha does not require proof of funds). Not sure if this is what you're asking, but if not, please post another question.
Web Reference:  http://www.Darrell-Evans.com
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more