All Forum Posts by: Jaimyn Chang

I'm in the same boat. A lender I'm working with told me if he doesn't see the deposit on the two bank statements I submit to him, he won't ask where the funds came from and assume it's been in my account all along. I've read several posts from people discussing the ethics of this (as well as the potential ramifications), but my guess, like others have mentioned, is it will vary between lenders. Good luck!

Thanks man. I just don't see what sort of negative ramifications could come from this lol. I think it's kind of a silly stipulation, although I understand lenders want to cover their backs.

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@Bill Hamilton thank you so much for the response. This confirms what I was assuming given the previous answers I had gotten from people.

Any additional input from other members is welcome of course.

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Hoping I can get a clear answer on this. Thanks in advance.

I am trying to get a 25% conventional mortgage on a duplex that costs $80K. The bank is telling me the down payment can’t be gifted. I have a substantial amount of gift money being deposited into my account soon. I want to use that money to purchase properties.

Some fellow investor friends of mine are telling me I have to wait 2 years before the gift money is no longer seen as a gift by the bank. Others are telling me I can just let the money season in my account for 2-3 statement cycles. Even two different accountants gave me different answers.

Anyone know how long I’ll have to wait?

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All Forum Posts by: Jaimyn Chang

Jaimyn Chang has started 1 posts and replied 3 times.

Post: When is gift money no longer a gift?

Post: When is gift money no longer a gift?

Post: When is gift money no longer a gift?