How to explain if my down payment is completely from my mother-in-law overseas

[haoniukun]

Hi,

I have some limited savings for my down payment and the source of the money is trackable.

But my mother-in-law wanted to give me more money so that I can buy a better house faster.

But her money is from an overseas bank and the source of the money is not trackable within the US.

I want to know if it is possible for me to use the gift money as my downpayment.

Though I contacted a loan officer, he told me that I could use the money if LTV is below 80%.

But I still have concern that if the money is not trackable in the us, I may be denied.

Any suggestions on the board?

Thanks in advance

[StartingOver10]

She is going to wire the funds, right?

She keeps her funds in a foreign account, right?

As long as you can show that the funds came from her with the wire and her bank account statement, then you should be fine (along with a written gift letter).

Another option is to get the funds in advance and "season" the funds by having them in your accounts for a min of two bank statement cycles.

[haoniukun]

That really helps. Thanks.

[haoniukun]

Thanks for the info. I finally got the house.

Though the process is not quite smooth as foreign banks can not provide bank statements in English, I was finally approved for my loan.

But there's still a lot of repair work to do.

[JM-AM]

congrats

[haoniukun]

3x