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I'm buying a house, if my down payment is a gift that I deposited 4 months ago, does the bank need to know it was from a gift?

I read that the bank doesn't care where it came from as long as it's been sitting in your account for 3 months, otherwise they need a letter of documentation and your rate will be higher. I can get the letter, but I'd rather wait until it's seasoned in my account to start the process, but I'm concerned the bank (where I have my checking/savings), will dig back further just to see where the down payment came from, and they'll see that we didn't save it up ourselves.

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The person that gave you the down payment. Ask the bank what you will need to get the right papers for you to get it notaries. I had to do the same for my daughter last year. It's a paper saying it was a gift from the person that gave it to you.

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It will be good if the bank knows that it was from a gift. This is because there might be some terms and conditions that are to be meet if you make payments from gifts or from other means. Letting them know will get rid of future confusions.

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No ... they just want to know how much you're paying as the down payment.

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The bank only cares if the money in your bank account is a loan from a friend or family member that you have to pay back.

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They just need to confirm what your other loan obligations are. If you have your own money .. and it's not a loan .. they don't need any formal documentation other than your bank statement..

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