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Video instructions and help with filling out and completing fha gift letter requirements
Hey what's going on this is dan keller your mortgage advisor at new American funding and the purpose of this short video is explained is to explain to you how to properly receive gift funds from a donor and how to get those to us the lender or to escrow so there's two different types there's two different ways and I want you you're going to go in one of two directions right now so if if the transaction is a government loan VA USDA or FHA loan the gift funds from the donor must be sourced this is a tough this is a sore subject in my experience in my in my career with donors what I mean by that is we are going to need and this is not our bank this is FHA VA and USDA's guidelines we're going to need to source where that gift came from meaning we're going to need a copy of the bank statement from the donor showing that they had the ability to gift you the money and then we're going to need to show how they got that money to escrow or to your bank account okay from a wire transfer or a cashier's check or a check so we're going to need an accurate paper trail of that copies of those statements copies of the deposit from your account and then copy of the cashier's check or wire transfer coming from reflecting that it came from the donors account now if it's a conventional loan Fannie Mae or Freddie Mac conventional loan meaning if you're putting down five percent down excuse me five percent or ten percent or twenty percent down typically that's a conventional loan there's one way that we're going to do this you're going to ask the donor to wire the money directly from their account to escrow we will get you why Jason Hoskins my production assistant will get you wiring instructions to do that so attached it and that's much easier process than with a government loan but there's two specific ways that those agencies require gift funds transferred ok the government government-backed products like VA USDA FHA have their own requirements Fannie Mae and Freddie Mac have their own some and obviously Fannie Mae and Freddie Mac are a little bit more lenient so attached to this email you're going to find a gift letter and then within probably a day or two as soon as we can get the wiring instructions from escrow we're going to email those to you you'll get those from Jason and if you have any questions in the meantime reach out to Jason and he'll help you get that money properly to us or to escrow to avoid any additional turbulence that we don't need okay we look forward to serving you thank you for your business and let us know if you have any other questions okay take care.