Ask Question
7 June, 00:37

A borrower is using a gift to fund part of his home purchase. What criteria for the gift holds the most weight in the lender's eyes?

+1
Answers (1)
  1. 7 June, 02:29
    0
    The gift's credibility such that it has been backed by a letter which has been signed by the donor. This letter on the other hand should also be backed by the bank statements of the donor.

    Explanation:

    Buying a home is not that easy, unless you have a lot of money to cash out. For most people, they need to find some ways to make the purchase easier and one of these is through a "cash gift." There are actually many guidelines required by lenders before they can allow you to use gift as a down payment for funds. For example, the gift should come from family members or from those a person marries.

    For a lender, there are many criteria to consider. One of the most valuable is the credibility of the gift that it will be backed by a letter which has been signed by the donor and the benefactor. The lender wants to make sure that it is, indeed, a gift and not a loan. The donor's bank statement should also be evident.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A borrower is using a gift to fund part of his home purchase. What criteria for the gift holds the most weight in the lender's eyes? ...” in 📙 Social Studies if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers