Gifted money question????

[ShanetheMortgageMan]

kdogg, mickie isn't a loan officer but he visits here quite a bit and helps out when he can... however I can tell you on all of our transactions that include gift funds, every lender (which has been nearly a dozen different ones) ask to see a copy of the donor's statement to prove they have the ability to donate.  It wouldn't be a bad idea to ask your LO if it'll be required, because it if it will be you don't want to be surprised at the very last second... if it's not, then by you asking that direct question, your LO will either say "Oh, I didn't think of that" (probably not out loud) or will say "Don't worry, that is not needed on our transaction"... and then any concerns (if you have any) will be relieved.

[Anonymous]

in reply.

I am not a LO and have said so repeatedly on here.  I am occasionally wrong as well and freely admit it when so (and then seek the right answer).  That said, bank statements from the giftee is an extremely common requirement.  As I also said, there are times where it probably will slip through the cracks, the file is strong enough they don't care, or a particular lender does not ask for them.  Implying that the OP does not need one and that your situation (which if you do not need one was lucky) applies to the OP is incorrect info.  She has already stated that they have requested it.  Once they request it, not providing requested info is reason enough for a denial because the LO is automatically going to question if anything is iffy)   I have seen several people on this board's loans fall apart becuase they were not willing to provide (or could not provide) this info.  My case in particular we could not used gift funds because the giftor was a little paranoid and was unwilling to release financial info to the banks.  We ended up using a DP program instead.

No offense taken by the way, I just wanted to clarify and to make sure the OP is getting the right advice.