Eric here. People are always asking me, "Eric, can I use gift funds towards my purchase transaction?" The answer is yes, you can definitely use gift funds. Every single loan program on a purchase will allow gift funds. It's just that the certain amount will vary per loan program. But you can use gift funds for down payment, closing costs, and reduce the amount of out-of-pocket you would use yourself. Now, what usually gets overlooked or what people are always asking me is, "Should I deposit those gift funds into my checking account right now? Or how do I do this?" Well, I highly suggest that the donor sends the wire to escrow. That's the best way to utilize your gift funds. If they give you a check like a cashier's check or they write you a check and you deposit it into your checking account, number one, we need to know the source of those funds. We know that they're probably from a family member or someone very near and dear to you that really wants to help you out. And more than likely, it's not even a big deal where the money came from. But it's a rule and regulation that we have to source those funds and find out where they're from. So, keep in mind, if the family member wants to keep their bank statements to themselves and maintain their own privacy and they just want to donate these funds to you, ask them to wire the funds directly to escrow. That way, all I need is a wire receipt and a gift letter. I don't need to confirm anything else. Alright, I hope this information is helpful. If you have any questions, always feel free to let me know. Have a great rest of your day.
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Bank statement for Gift Letter Form: What You Should Know
Gift Letter — Real Estate Division of the City of Seattle.
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