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Video instructions and help with filling out and completing gift letter format income tax
Thank you for tuning in and welcome back to real estate advice and today's episode you learn about gift funds for a down payment and what you need to know my name is Andrew Finney please consider me your real estate geek I am always here to help if you need help finding a top agent where you live or if you simply want to drop me a line to say hello my contact info is below if you haven't already done so please go ahead and subscribe to this channel now and like this video thank you so to get the maximum impact out of this video and learn the most about gift funds for a down payment you'll want to watch this video from start to finish so let's go ahead and start talking about gift funds and what is a Gift Fund to begin with with home loans like FHA VA home loans are sometimes even like with USDA loans you can actually have family members or friends gift you money to assist you with your down payment now there are certain requirements that a lot of mortgage lenders have about this about how that takes place as far as going from a gift letter how long the funds have to be in your account can it be cash you know that kind of situation that you need to know going forward with a gift fund possibility so it's a great way for a lot of first-time home buyers to get financial assistance from their family members but the term here that's really that you really need to pay attention to is a word gift so if you're watching this video right now you're considered gifting funds to a family member or a friend understand that once you give that money to them that's because you don't have the expectation of getting it back now mortgage lenders gonna actually ask you to sign a document that says yes I'm giving this money to let's say Bob my son right and Beth his wife I'm giving this money to Bob and Beth so that they can buy their first home Bob and Beth have that off so have that money in their account and season it preferably for a minimum of 60 days so when we're talking about seasoning the funds what that means is since we had the Patriot Act passed in the early 2021. the Patriot Act was put into place and as far as home loans were concerned to make sure that none that money was going down from illicit gains from like drug money or any type of terrorist activity money to support any of those endeavors so they need to see where that money is and all monies have to be sourced so whenever you do a gift fund payment or you're going to give money to a family member or a friend or you're on the receiving end of the gifted.