FHA Down Payment Gift

[Anonymous]

Long time lurker, first time poster...thanks for all the help so far. Last minute I received the P&S on Friday and Freddie Mac wants it back Monday by 5pm. I'm receiving gift money for the down payment...to save myself time can I have the donor write a bank check out to the realty company and reference my name in the memo area? Or does it need to come from my account? 

My loan officer recommended this so we don't have to wait for the funds to clear in my account. The bank will be providing a letter of verification of funds. Not sure how Freddie and the sellers agent will see this.

Thanks,

Cole

[Holly1221]

I had the gift funds wired into my acct & provided gift letter & bank stmt from donor & their wiring paperwork (since they live far away).  I faxed all that with my bank stmt showing wire was received into my acct and then got a cashier's check at closing.  Had no issues at all this way but if your loan officer is suggesting it, they would be the ones to have a problem if it wasn't ok so you should be good.