Hi all, wanted to get some input to see if our experience with gifts from parents for down payment is typical or not. We have been blessed to get some gifts from both sides for our first home purchase. As we have gone through underwriting, I can’t tell if their requirements are normal or feel like a lot. For each gift portion, we have provided statements/transaction history from our accounts, copies of cleared checks, and wire confirmations.
What is feeling like excess documentation though, is that they are requiring similar documentation from our parents accounts such as full 30 day statements/transaction history showing the funds leaving their accounts as well as signed gift letters. Is it normal to require those statements from their accounts as we’re getting some fair pushback as that feels very intrusive and allegedly not required by other mortgage brokers we know
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source https://www.reddit.com/r/RealEstate/comments/1rsiscw/experience_with_gifts_normal/
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