Hi, my name is Alex Carly with Dustin Shaw Associates. It's good to talk to you about gift funds. How do you make up no money in your bank, and you want to buy a house? And you don't even think that you can do it. Well, you can. You can use gift funds. Gift funds are funds that you get as a gift from a family member. And it has to be a family member, it can't be a friend. It has to be a family member, so make sure you fill out the gift form that we sent you, stating who the family member is, how they're related to you. Cousins are not eligible, but uncles, stepbrothers, and father-in-laws are eligible. Cousins are not eligible, but in-laws work. So, that's how you can use gift funds. If you've got decent credit and you need gift funds for your down payment and your closing cost, the desktop underwriter will probably approve you with a hundred percent gift funds. I have started noticing that FICO scores have gotten a little stricter, like 610 credit scores, and all gift funds. It doesn't give you an approval interval; they may send you to a manual underwrite. And a manual underwrite requires in most cases reserve money in your bank. Gift funds cannot be used for reserves. Remember that you've got to have your own money when it comes to reserves. So, if you do need some of your own money and we desktop underwrite you, we'll only figure out if you have three thousand of your own. But the rest is gifted to you, then you're gonna have the same three thousand of your own money from your paychecks, and then the rest can be gifted to you. So, using gift funds...
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Fannie mae gift guidelines 2010-2025 Form: What You Should Know
What is required for a gift letter to be used? Requirements are provided on the Form 4708, Gift Letter. A. The documentation must appear to be on loan records (i.e. it must be accompanied by the loan record). B. The documentation must be executed in the form of a certificate by a professional attesting to its authenticity. The professional must have experience in the field of appraisal. C. The documentation must be accompanied by the documentation of the loan and the lender's signature as proof of receipt. D. The documentation must be accompanied by a current receipt from the lender.
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