TheBoyWonder
OT Supporter
TheBoyWonder
OT Supporter
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
HipHopHead
My flow spill like using the wrong end of a funnel
I got an email saying I’m pre-approved. Might go buy a house tomorrow just cuz
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
All these people getting gifts from parents to buy houses. You're all the worst. 
J/K, I'm just jealous.
J/K, I'm just jealous.
Zach
OT Supporter
- May 30, 2003
- 56,199
He might as well be in WVwait 239k gets you that in VA?
fuck it'd literally get you a trailer here
TheBoyWonder
OT Supporter
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.
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.Yes. I have zero experience buying and selling a home. You got me
Hmm...
5 Things You Need to Be Pre-approved for a Mortgage
Before you can get serious about buying a home, you need to get pre-approved for a mortgage which means providing a lender with these five things.
Hmm...
Hmm...
Almost exactly like what I just said about the process
americanwit
OT Supporter
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
Hmm...
5 Things You Need to Be Pre-approved for a Mortgage
Before you can get serious about buying a home, you need to get pre-approved for a mortgage which means providing a lender with these five things.www.investopedia.com
Hmm...
Hmm...
Almost exactly like what I just said about the process
You are pretty daft.
Preapproved loan: What is it?
A preapproved loan could be a preapproval you’ve applied for on a loan for a car or home, or a prescreened loan offer that’s based on your credit reports.
www.creditkarma.com
"Even though you were preapproved, your final loan application may still be denied if something in your financial situation or credit reports changed."
Pre-Approved vs. Pre-Qualified: What's the Difference?
Getting prequalified or preapproved for a loan or credit card can give you an estimated offer without impacting your credit score.
www.experian.com
"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."
ghost.prawn
OT Supporter
- May 11, 2006
- 57,065
Banks are so fucking dumb
I’m a freelancer which means I might as well be a terrorist as far as banks are concerned
I’m a freelancer which means I might as well be a terrorist as far as banks are concerned