02-21-2013 09:01 AM
Bumping to see if we can get an answer to OP's question since I'm curious as well.
How are gift funds seasoned? Do they need to be in one's account (from the gifter) for a period of time before they can be used for a down payment?
02-21-2013 09:21 AM
60-90 days if you don't want to bother with all the paper work. Others wise with a gift letter, and an acceptable source, you can have the gift funds anytime.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO