#517

 

Stacy is a college student that is buying her first home.

She doesn't have enough money for the closing table so her parents have graciously offered to give her 4000 dollars to close with as a gift.

In this situation the loan underwriter must reject the loan application by law because the gift may not be used by a first time home buyer.

Is this true or false ?

Please take your time. The solution is posted below the wildlife photo.

wildlife

A. False

Stacy's parents are making a gift to their daughter to help her with her closing costs.

The lender will require that her parents must provide a letter stating that the funds which they have given Stacy are a gift which she will never have to repay or reimburse them for.

 

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Posted by David Saks on 02/01/2010 12:05 AM   Comments (0)   Theory Practice in the ActiveRain Channel   theory and practice  
Originally posted at: David Saks: Real Estate Practice : Lesson 517
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