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We recently received a very sizable inheritance from my parent's estate. I'm using a lot of this as a downpayment. My question is this: Will this be considered "gift" money since it came from an inheritance? Or will I just need to show documentation as to where these large sums of money came from. We're currently in the "conditional" approval stage with Wells Fargo and I know that underwriting is going to wonder why our bank account balances sky rocketed over the past month. Thanks in advance for your help!
This will not be a problem. They might ask you for the source of the money so you might be ready for that.
Awesome! That pretty much correlates with what others have told me - that the account that we're getting the downpayment from needs to be in our name and not from a loan or "gifted".
It can be a gift, but for the specific program you are qualifying for (Wells Fargo's FHA program) and your credit situation, it can't be.
I received a "gift" from my mother and they wanted copies of her bank statements showing that she had the money available, when the funds where transferred they wanted copies of the withdrawal/deposit recepits from the both of us and then i had to provide them a copy of a new bank statement. So I'm guessing once they ask you to for a new bank statement showing you have the funds to close the account they would maybe ask, so just prepare all of yoru documentation in the event they will and have it ready.