Seasoned money

[Erinkkelly]

Yes, for FHA I will need to see a donors bank statement. But I was always trained not to underwrite the donor just to verify they have the money to give. For a conventional loan I just need to see proof the gift was transferred with a canceled check and a gift letter...nothing more. This is the norm. Now with that being said banks can tack on any extra rules what they require beyond what Fannie or Freddie would require. It's not always fair but most banks won't ask for more.

[Mike_B03]

What does "trained not to underwrite the donor just to verify they have the money to give"? mean? As in just look to see that the money was in their account (by looking at the bank statement) but not actually looking when the money was deposited? What if it's on the same statement, like $60,000 deposited on 04/16/13 and then check written for $60,000 on 04/25/13? I would assume it would be best to now have it be on the same statement, so it need to be at least seasoned one bank statement worth...is that correct?

Also, I sent you a private message.

[jordanmedical]

 I'm doing a gift for some of my downpayment and they require bank statement from my donor and me showing I recieved the money. The UW's are adament about this paper trail. They are adament this money is seasoned and not a cash deposit.

[Erinkkelly]

FHA requires a bank statement but not conventional. However some banks will ask for it...it's up to them if they will require extra docs. I personally never ask for a donors bank statement on a conventional loan. 95% of cases all I need is a canceled check from the donor.
Some underwriters will dig more but I am not required to ask a donor about why they have large deposits...I'm underwriting the borrower not the donor.