My family doesn't want their info released and it may cause me my loan
I got an FHA loan and had an offer accepted by a seller. I need $25k for closing and got a 5k gift from my grandma and 12k from my mom. The problem is my lender is asking for their bank statements and my old school family doesn't want to provide the docs. What are my options? I don't have enough for closing costs and the gifts would cover them. by eunicejr507 from Atlantic Beach, Florida. Jul 26th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
have them provide the funds - let them sit in your account for 3 months ....apply for the loan as state these funds are yours so no gift letter is needed ......if you need to close before 3 months from now - ask your lender if they will allow your realtives to provide any alternative documents ( eg. letter from banker / statement with account # redacted etc ...) if there arent options - exit the contract ...season the funds and buy a property several months from now
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