{"id":2595,"date":"2011-04-06T12:17:00","date_gmt":"2011-04-06T16:17:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/qa-what-if-i-use-gift-funds-as-a-down-payment\/"},"modified":"2021-12-02T15:29:14","modified_gmt":"2021-12-02T20:29:14","slug":"what-if-i-use-gift-funds-as-down","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-if-i-use-gift-funds-as-down\/","title":{"rendered":"Q&A: What if I use gift funds as a down payment?"},"content":{"rendered":"

Zoocasa’s <\/i>Ask the Pros section<\/a> is where Zoocasa Users can post their real estate queries in a moderated forum and get replies from real estate professionals! This weekly Q&A featured response was a from a recent Real Post. For more answers to this week’s question from other agents, please visit the original post via the link below.\u00a0<\/i><\/p>\n

Question of the Week: Do I need any sort of documents if I plan to use gift funds as a down payment?<\/a><\/h2>\n
\n
\"\"<\/a><\/div>\n<\/div>\n

ANSWER<\/b><\/a>:
\nIf you are planning to use gift funds for your down payment, you will need a “Gift Letter”. Typically the lender will require a letter outlining the amount of the gift and who it’s coming from.<\/p>\n

However, some lenders want more than just a letter. You may need to show proof that the gifted funds have been in a bank account for a minimum 15 days through either a bank signed statement from your bank or trust company, or copies of your bank statements.<\/p>\n

Read more Agent answers.<\/a><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Zoocasa’s Ask the Pros section is where Zoocasa Users can post their real estate queries in a moderated forum and get replies from real estate professionals! This weekly Q&A featured response was a from a recent Real Post. 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