Question on Mortgage Co. (Short) - Posted by Chris

Posted by Ed Copp (OH) on November 23, 2000 at 16:29:45:

mortgage companies usually want to see a “gift letter” to show where the added funds came from. You might just borrow from an individual without any documentation. In my way of thinking the mortgage need not know everything, it really is none of thier business, but they will ask and if we tell then they will know. I like to keep things private if possible.

Question on Mortgage Co. (Short) - Posted by Chris

Posted by Chris on November 23, 2000 at 16:11:13:

Mortgage co. wants me to show $4300, I have about $3300, does it matter where the other $1000, comes from? Such as a gift, from family friends.


Re: Question on Mortgage Co. (Short) - Posted by dewCO

Posted by dewCO on November 25, 2000 at 10:25:54:

Yes it matters greatly to the mortg. co. Ask them what their requirements are. Depends on the type of loan as to whether a gift is even OK. Some will let you get in a credit card and count the minimum payment as a debt against you in your debt ratio, but you need to know what is acceptable to the mortg. co.

I agree with ed - Posted by doug,ky

Posted by doug,ky on November 24, 2000 at 10:09:11:

Downpayment seasoning is a hassle that lenders require. I always show assets available (stocks, bonds, saving, CD, trust account, mattress, etc.) when filling out he application forms but where I get them from (borrow)is my business.