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will I need a gift letter if a family members gives me money to pay off a debt

by garypape377 from Conneaut, Ohio. Jan 28th 2015 Reply


Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

having a a gift letter to pay off a debt, will put you in a bad mood with a underwriter better to pay off your debt ,and have them give you the funds for a down payment linda

Jan 28th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Best to talk through your situation and options with an experienced and creative mortgage lender. Yes, its possible but not always the best option - or timing is sometimes best to work through as well. Linda is right sometimes better to have the money for downpayment.

Jan 29th 2015
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Could cause issues, you should speak with an LO

Jan 29th 2015
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Kimberly Lawson (kilawson)
#54 ranked lender in Ohio - 150 contributions

Hi, They're right about paying off debt to qualify requiring special underwriter attention. To answer your question: any time there are any debts paid or large deposits put into your bank account(s) then those funds need to be fully documented. A gift letter would be required otherwise the terms would need documented. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Jan 29th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

Yes, its possible but may not be the best option. Check with a local Loan Advisor. .

Jan 29th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Only if you are paying off the debt to qualify for the mortgage and it was done in the last 90 days.. otherwise, it wont be an issue.. .. 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

Jan 29th 2015
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For fillable gift letter or any related form you need, you may visit this website http://pdf.ac/6LKjv Download, edit, print, save, sign, email or even fax your form online.

May 11th 2015
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