Reported about 11 hours ago
Weddings and home purchases often intertwine, with many soon-to-be homeowners relying on cash gifts from family for down payments. This article discusses the importance of a gift letter which validates that the funds are indeed a gift and not a loan. Roland Washington from Wells Fargo explains what should be included in such a letter, the different requirements based on loan types, and the significance of timing when it comes to deposits. Understanding these rules can help streamline the home loan process.
Source: YAHOO