STYLE The buyer of my house is going through some shit....*Update - House sold!*

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
26,103
Loserville. Population: 1
He’s right. As long as the person gifting the money signs a letter saying it’s a gift and not a loan it usually doesn’t matter at all
It depends. Certain loan types require you to get the gift donor’s bank statement too so you can verify where the gift funds came from.

“Wut the hell you need my bank statement for? That’s my private information?!?”

- Because I fuckin’ said so

“Fine. Here to go.”

- Hey shithead, you can’t black out all the account numbers, your name, and all the transactions on the statement. Try again.



All

The

Time
 

FutureMan

On the rights of your wealth, I disagree
OT Supporter
Aug 28, 2002
387,917
Liberal Enclave of Darien, CT
It depends. Certain loan types require you to get the gift donor’s bank statement too so you can verify where the gift funds came from.

“Wut the hell you need my bank statement for? That’s my private information?!?”

- Because I fuckin’ said so

“Fine. Here to go.”

- Hey shithead, you can’t black out all the account numbers, your name, and all the transactions on the statement. Try again.



All

The

Time
Lol I know what it’s like, I’ve bought two houses now. Gf had to get a gift from her mom to cover her downpayment so that’s how I know how that goes
 

GH0ST

OT Supporter
Jul 5, 2003
50,540
GA
Apparently you have no clue what pre-approved means.

What? I'm not talking about the initial "how much you can afford approval". I'm talking about the point at which you're all but guaranteed to get the money unless something weird happens. I've bought three houses and it's always been a pre-approval to tell me how much I can "afford" and then rate lock/guarantee of the loan prior to purchase.
 

GH0ST

OT Supporter
Jul 5, 2003
50,540
GA
Well, then you should know that pre-approval does not mean the person holding that pre-approval letter will be approved by a bank when they officially apply.

Hmm...


Hmm...
...but a pre-approval is much more valuable. It means the lender has checked the potential buyer's credit and verified the documentation to approve a specific loan amount (the approval usually lasts for a particular period, such as 60 to 90 days)

Hmm...

Final loan approval occurs when the buyer has an appraisal done and the loan is applied to a property.

Almost exactly like what I just said about the process :hsugh:
 

americanwit

OT Supporter
Nov 28, 2004
1,853
Houston, TX
It depends. Certain loan types require you to get the gift donor’s bank statement too so you can verify where the gift funds came from.

“Wut the hell you need my bank statement for? That’s my private information?!?”

- Because I fuckin’ said so

“Fine. Here to go.”

- Hey shithead, you can’t black out all the account numbers, your name, and all the transactions on the statement. Try again.



All

The

Time

yeah gifts toward DP are no issue if parties have all their shit in order and provide gift letters. Also keep in mind tax implications - 15k per yr/per person giving/person receiving so you can manage 60k
 

Normie

KungFlu Crew #002
OT Supporter
Hmm...


Hmm...


Hmm...



Almost exactly like what I just said about the process :hsugh:
:rofl:

You are pretty daft.


"Even though you were preapproved, your final loan application may still be denied if something in your financial situation or credit reports changed."


"Whether you applied or received an unsolicited offer saying you're preapproved, there's still no guarantee you'll get approved—especially if factors like your income, collateral or credit history have recently changed."
 

Users who are viewing this thread

About Us

  • Please do not post anything that violates any Local, State, Federal or International Laws. Your privacy is protected. You have the right to be forgotten. Site funded by advertising, link monetization and member support.
OT v15.8.1 Copyright © 2000-2022 Offtopic.com
Served by fu.offtopic.com

Online statistics

Members online
427
Guests online
64
Total visitors
491

Forum statistics

Threads
369,760
Messages
16,918,225
Members
86,875
Latest member
ddunn9448