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Gift funding question

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Gift funding question

So I got a gift of $2,500 from my sister for a home purchase. The underwriter wants to see her bank statement for this money. She had the money in her savings account and transfered it to her checking account a wrote me a check. So which account statement should i give to the underwriter?

EQ- 727 5/12/10
TU- 746 5/12/10
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Re: Gift funding question


greekjim wrote:

So I got a gift of $2,500 from my sister for a home purchase. The underwriter wants to see her bank statement for this money. She had the money in her savings account and transfered it to her checking account a wrote me a check. So which account statement should i give to the underwriter?


Both. The underwriter is looking for the source of funds, which is your sister. But since she transferred the funds from her savings to her checking she needs to show where the $2500 came from, and it really was in her savings account. The uw has to track the funds.

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