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How long does the down payment of a home has to be seasoned before we can do the home buy transaction?

Can it be just a gift and immediately? by hendersongirls869 from Thousand Oaks, California. Jul 7th 2015 Reply


Joe Patterson (joepatterson@princetoncap.com)
#974 ranked lender in California - 5 contributions

There needs to be a paper trail for the gift. If the money is already in your account then lenders will ask for a copy of the givers bank statement showing the withdrawal/cashed check. If it is not in your account, the easiest way is to have the giver wire the gift directly to escrow. No bank statement is needed in that case. The giver needs to be a family member too.

Jul 7th 2015
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Pouyan Broukhim (PBFinancial01)
#964 ranked lender in California - 23 contributions

It depends on if you are buying an investment property or a primary home. If you are buying an investment property and using a hard money/private money funding source then it would be about 1-2 months. Pouyan Broukhim---PB Financial Group Corp323-935-5555 x 102 Office866-318-4471 Direct Faxpouyan@calhardmoney.comhttp://www.calhardmoney.comPB Financial Group Corp 357614Pouyan Broukhim 348736

Jul 7th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

Seasoning takes between 60 to 90 days.. Lending guidelines require your 2 most recent monthly bank statements. If they see the deposit on one of those statements, you have to prove the source of those funds.. but if you wait till the funds are there without seeing the deposit, then your ok.. As far as funds being gifted, yes.. this can be done for both FHA and VA financing.. We are required to source the funds form the donor as well.. so we would need a copy of their bank statement and a copy of the check they wrote to you.. Also, the donor must be a relative, a fiance, a fiancee, or domestic partner. Expect the lender to request proof of your relationship as well. But with gifted funds, you can apply immediately. 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 WilliamAcres.com

Jul 7th 2015
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Drew Hernandez (DrewHernandez)
#973 ranked lender in California - 24 contributions

Typically 60 days in the same account, unless you get a letter expalining the source of the funds. Are you moving them from a retirement account at work? Or is it Gift Equity? www.drewhernandez.net 866-659-2500

Sep 1st 2015
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