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How have some of you defined and documented an interest in the borrower when a friend is providing a gift to a borrower for an FHA

by hmerritt378 from , California. Sep 29th 2016 Reply

Paula Richardson (
#1127 ranked lender in California - 4 contributions

Write a letter explaining the relationship. Such as, how long you have had this relationship, High School Friends, College, Military etc. This way the underwriter understands why someone other than the family giving money, instead of loaning them the money. You would document the funds with bank statements. 2 months, showing where the money has come from.

Sep 29th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You simply write a letter.. "To Whom It May Concern" and explain how long you have known that person, did you go to school together, work together, lived in the same neighborhood growing up, etc.. The donor will need to sign a letter stating it's truly a gift and that there are no repayment terms.. and the donor will have to provide a bank statement showing they have the funds liquid to give to the borrower.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Sep 30th 2016
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