We are getting a lot of questions in our Mortgage Questions section and over the next few weeks either here or on one of my three blog sites, No Money Down, FHA Loans and Eugeneloanguy I will be answers some of the questions posted. I am hoping that by answering questions posed by the public we can get better information out there than what we have been seeing on the internet. There are a lot of myths and fallacies on the internet, just take a look a previous post of mine to see what I am talking about. This particular question has to do with closing costs and a USDA loan. I hope this series helps.
November 18, 2009
I am buying a house and the lender needs proof(bank statement) that I have enough to cover closing costs. A family member is going to help pay closing costs. Will it hurt me when they look at my bank statement and see that the amount to cover closing costs came form a family member? Its a USDA Rural Housing Loan.
A USDA Guaranteed Mortgage, like an FHA loan allows you to receive gifts from family members for down payment and closing costs associated with a loan. The important thing to remember is that the lender will want to see a paper trail for the gift. That means that you will need the deposit slip for the gift, a copy of the check for the gift, and most often a copy of the bank statement from the donor showing the ability to give the gift. There is also a gift letter that will need to be signed by the recipient and the donor. Except in very limited circumstances, cash is not acceptable.
If you have questions about USDA procedures or are ready to start the loan process, give me a call today at 541-342-7576/541-221-3455 cell or e-mail me. I am here to help you through this process.
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