How to document a gift for the down payment on a FHA Loan in Tacoma, WA

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Mortgage and Lending with VAHomeLoans.com NMLS ID 108542

Gift Funds Yet To Be Received:

1. Provide executed gift letter. If you have applied for a FHA loan, the FHA Certification section must be signed by both the gift donor and the recipient acknowledging the warning stated in that section. FHA loans do not require notarization of the borrower's signature.

2. The gift must be in the form of a cashier's check or certified check. The donor's name must be printed on the check (example - Donor: John Doe). A Cashier's check is preferred. None of the gift money 3. Make a copy of the gift check prior to the deposit and also a copy of the deposit slip showing that the funds have been deposited into your account. Within three weeks of settlement, please send us a full copy of your bank statement showing the gift deposit. If it is unlikely that you will receive your statement in time please provide a letter from your bank (on bank letterhead and signed by bank official) stating the following:

- deposit amount - account number

- deposit date - new account balance amount

4. FHA ONLY - Donor's ability must be verified by receipt of a copy of their most recent bank statement. Any large deposits will need to be explained and documented. The donor cannot have borrowed the gift funds thru and unsecured loan.

Gift Funds Already Received:

1. Provide executed gift letter. If you are applying for a FHA loan, the FHA Certification section must be signed by both the gift donor and the recipient acknowledging the warning stated in that section. FHA loans do not require notarization of the borrower's signature.

2. Provide, from the gift donor, a copy of the front and back of the canceled gift check or a copy of the gift donor's full bank statement evidencing the withdrawal amount matching the actual gift amount.

3. Make a copy of the gift check prior to the deposit and also a copy of the deposit slip showing that the funds have been deposited into your account. Within three weeks of settlement, please send us a full copy of your bank statement showing the gift deposit. If it is unlikely that you will receive your statement in time please provide a letter from your bank (on bank letterhead and signed by bank official) stating the following:

- deposit amount - account number

- deposit date - new account balance amount

4. FHA ONLY - Donor's ability must be verified by receipt of a copy of their most recent bank statement. Any large deposits will need to be explained and documented. The donor cannot have borrowed the gift funds thru and unsecured loan can be received in cash from the gift donor.

Posted by


Kevin Tinsley
All Tech Mortgage Inc.

Tacoma's #1 Mortgage Expert - Since 1996
FHA | VA | Conventional Purchase & Refinance Home Loans
7403 Lakewood Dr W, STE 2
Lakewood, WA 98499
MB-108686 MLO-108542

(253) 472-1500 Office
(855) 472-1500 Toll Free
(866) 421-1788 Fax
kevin@alltechmortgage.com
www.alltechmortgage.com

All Tech Mortgage Inc. - Locally based in Tacoma, WA since 1996, we shop, compare rates & fees and connect you with the best mortgage lenders in the Northwest. The mortgage rates we quote are typically .25% - .50% lower than most mortgage companies like Bank of America, Chase, USAA, BECU, Lending Tree and Wells Fargo. Plus our fees are some of the lowest in the industry. 

We specialize in FHA, VA and Conventional No Cost and Low Closing Cost  fixed rate purchase & refinance Home Loans and offer true wholesale pricing from our lending partners.  At All Tech Mortgage we never expect your business, but hope to earn it with my aggressive pricing, speed, and overall efficiency.

 

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