Gifting Money to Spouse for Home Purchase

[Alberio]

My husband and I are considering a number of options for purchasing a home - we have similar incomes but his FICO is substantially higher than mine, so it is looking like the mortgage will be in his name only and we can get pre-approved for close to what we want on his credit and resources alone.  We can't do it with both of us because my score is too low and tanks us. 

Problem is, to make the downpayment, we need my savings.  I have about $100,000 to put toward the down payment, currently in my own account.  We have a joint account that we use for joint expenses and I could transfer it there.  I could also transfer to an account that he holds in his name alone.

Questions:

1. Is it better to put it in the joint account or an account that is solely in his name?

2. How long does it need to be in the account for it to look "okay" to underwriters?  I understand that it has to be 60 or 90 days or something - not the day before closing...

3.  Do I need to provide a legal document - gift letter or something - stating that I intend to gift it to him for the purchase of our home?

Thanks!!

[Alberio]

Bump.  TIA!

[elleng81]

My husband "gifted" funds to me for the purchase of our home in two different transactions. One was from his savings account that I am not on. He had to supply bank statements for the past two months to show that they were funds that he had, not that he borrowed to give to me. The second was a withdraw against his 401k. He had to supply his 401k investment documents. This transaction actually happened the morning we closed. There was a form from our lender (Citi Mortgage) that stated that he was gifting, not lending me the money and we both had to sign. It was pretty painless.

[kimmiller112]

You can gift money, but you will need to provide documentation, such as bank statements, showing that you were financially able to gift that money.  Both of you will probably have to sign something that says that the money was a gift and is not a loan.

[DallasLoanGuy]

you just write a letter stating that your husband has access to those funds in your account.

no biggee