I have a question regarding seasoned funds. I am currently under contract for a New Build home. I am the only one on the loan. My wife is not. It is a conventional loan. I have gone through underwritting already and will again towards the end of the process before closing in Jan/Feb 2018. We have our downpayment in our joint account saved already.
Here is where it gets tricky.....
My wife's mother is selling her house abroad. She is gifting her 3 children (my wife being one of them) around 10k each. My wife's 10k would be placed in our joint account, the same that already has our deposit. Would there be an issue with this 10k being put into our account at this point? Does it need to have 2-3 month seasoned? WIll it need to be seasoned in my mother in law's account for a certain duration before she transfers it to my wife? What kind of paper trail do I need to have, if any?
Thanks in advance for your comments.
