How Do You Use A Gift When Buying A House?
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- Опубликовано: 20 июл 2024
- How do you use a gift when buying a home? I’ll walk you through the gift requirements for Conventional, FHA, USDA, and VA loans.
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0:00 2022 Down Payment Gift Requirements For All Loans
0:35 What are the requirements?
2:02 Gift Letter
3:00 Conventional - Fannie Mae
6:41 Conventional - Freddie Mac
7:40 FHA
11:50 USDA
13:16 VA
14:18 Rate Trick
15:46 Best Plan
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...
This video could have not came out at a perfect time. My sister is gifting me $5000 and I was trying to find out the proper way to handle the gift. Thank you!
Wow! Thanks for watching!
You have such a soothing voice and very informational. Thank you!
Wow, thank you!
You don’t even understand how much I needed this video. Thank you!!
Glad it was helpful. Thank you!
Your presentation is enjoyable and easy to follow. I gave the view and the thumbs up even though I closed yesterday.
To anyone else reading, Kyle's channel was a huge source of reliable info which helped me to "Win the House (I) Love"!!!
Thanks for that!
Congrats on your closing! 🥳
This is happening to me now. I glad you explained it.
Yes! Thanks for watching! :)
My parents gifted us money. We are so blessed
Love your videos . Im planning to buy a house in the next couple of months and your videos really help me a lot .. thank you ..
Best of luck!
Thank you for viewing and commenting on Kyle's video. Please subscribe and DEFINITELY visit his page to find the precise video content YOU need for where you are in the process. Good luck!
This was an awesome demonstration‼️ thank you 😊
Thanks for watching. 😊
Thank you so much for this!
My pleasure!
Awesome videos! Do you have one on earnest money?
Thank you for the information, this helps me so much! I am curious what happens if the donor is out of the US? Are there different laws for the international transactions?
Thank you again another good video
Thanks for the support!
I have a question since i cant find the answer anywhere. If you have a cosigner, can the cosigner contribute to the down payment/ closing costs? Or do they have to have the gift letter as well?
Awesome stuff… is this applicable if we’re gifted an amount beyond the price of the house?
Thank You 🙏
Thanks for watching 🙏
Question for FHA regarding no cash on hand allowed. my spouse moved $1,500 to my account from his account but it was a cash deposit in his account originally. Since it cannot be sourced, can they just back it out of available funds/disregard it? We don't need that $1,500 in order to close. Or are we screwed?
What if a family member is offering to apply their gift to a debt obligation instead of making a deposit to the Buyer's account- will this need to be verified?
What do you mean by "seasoned in"? Im looking for the video u mentioned but cant pinpoint in which one you explain this.
Thank you kyle!
The lender will look at 2 months of bank statements and anything in there over two months wouldn’t be considered a gift anymore
Great video with very important information!
What happened to the ant??!!!!
Good question! It disappeared! 😂
How would a gift of equity work with an estate if one party is gifting me their value of the home and I would be purchasing the other two parties out? Would that just be something stating that they arent receiving anything from the estate for the proceeds of the sale and gifting me their equity in it? Or is it even possible with an estate since the estate is the one selling the house not a single party?
What would the implications be if the gifting relative is also the real estate buying agent?? Please help
Can you do an Updated USDA Loan Video. A lot got passed and changed this year
On my list. Anything specific you'd like to see added?
We actually have an intra-family loan on our current property, it's nice because we still get the tax benefits of owning a home with the flexibility of a personal loan
Thank you for these videos they are so helpful and very well explained. A question I have for this process is if I decided to choose to send the gifted money to the title company will the loan officer need to see proof of these gifted funds before the closing or even pre approval? Thanks!!
I don't know why I'm watching this. My family would never gift me more than 100$. Lol...They give you so much money as a kid on your birthday, and when you get older, the more you need the money, the less they gift it 😂
😂 We should've bought a house when we're kids! Thanks for watching!
If a cosigner helps with down payment, is that considered a gift
What are the tax implications for the gifter and gift recipient ?
Each loan covered in this video has no max amount that can be gifted, but I thought there was a federal cap of $16k. Can you please shed some light on that ?
Most people never have to pay gift tax until their gifting is in the multiple millions range: www.rocketmortgage.com/learn/real-estate-gift-tax
Excellent question! You came to learn! I am certain YOU will Win the House You Love! Please subscribe if you have not already. Thank you for watching and dropping a comment.
@@WinTheHouseYouLove Thank you so much for your input on this! My husband and I are hoping to buy in the next couple months and your wisdom has been so so helpful to make a stressful process so much more comprehensible and possible! Thank you!
I know sometimes gift funds can be present on the offer letter and it can be off putting to sellers. Would it be best to just let the gift mature in the buyers bank account for 60+ days and then apply for a mortgage ?
Interesting! I’ve never heard of needing show show the down payment source on the offer. Seasoning the funds in a bank account is the easiest solution if you have the time available
@@WinTheHouseYouLove Oh interesting, so you can accept a gift months in advance to essentially bypass this?
@@WinTheHouseYouLove thanks for the reply Kyle!
So, I am literally in this process right now. My parent does not want to disclose their bank statement. We were told the only option is to be gifted a check, get a copy of my bank statement, a copy of the donor's bank Statement, and a picture of the front/back of the check. Is there any way we could argue this and do the "Settlement statement showing receipt of the donor's check"? I basically asked about doing this, but they still want to source the money by using the donor's bank account regardless. Are they just not knowledgable enough to use that option, or are they giving us an unreasonably hard time?
FHA almost always requires it. All other loans you can ask them to send you the guidelines that show that’s what they need
We are looking to buy a house for $550,000 and will be putting $150,000 down ourself. My parents are wanting to put an additional $100,000 down on the house as well. Is this going to be taxed more?
What if the gift is cash?
Hey thanks for the video. I have a question I’m concern about getting approved for a mortgage. Like 4 years ago I lost my job and because of it, I have couples of late payments on 3 of my credit cards. It was like 4 years ago, since then I being making all my payment on time. Would that prevent me from getting a mortgage and what mortgage program will fit me better due to the late payments on my credit report. My credit is in the 730 but I still have those late payments on my credit report.
Hi! Thank you for viewing and dropping a comment. Take a breath and know that you are not out of the running to Win the House You Love. Far from it. Reach out to a trusted mortgage broker to receive guidance on how to improve your conditions. You CAN do it!
By the way, I believe lenders only require one to two years of one time payments. On the off chance they inquire about it, you have an explanation. BUT, do NOT offer more than they ask for.
Is gift moneys still required if a buyer provides the 3 percent down payment and closing cost? How then one be a gift donor when the buyer is going to save for all cost for down payments, closing cost? Is there away around the "gift" donors when the buyer is providing all the funds him/herself? Such dumb rules and red tape just to buy a house when a person shows the ability to pay out of pocket to purchase a home.
What if I was given a gift of 20k from a family member. It has been in my bank account savings for 4 months. Is this still considered a gift or will the underwriters ask where I got this savings from.?
Likely won’t need to be sourced since you usually only need to show 60 days worth of bank statements
@@WinTheHouseYouLove Thank you very much for your help
I have a unique situation…. I have been trying to purchase a home for months and my traditional offers are being beat by cash offers every time… my dad is going to buy a home for me in cash and I will be buying it back from him…. However originally he was going to gift me 5-10k to help me close but now he can’t gift me because he is going to sell me the home. My grandfather said he could give me a gift. Would this be acceptable?
Yep!
Sweet! Thanks for the reply. Love your channel… great content as always.
If we use a conventional mortgage loan, the gift amount cannot exceed the down payment amount?
On the first slide it says it applies to closing costs too :)
who gets taxed on the gift the donor or buyer how does tha work when you files taxes
The donor. But there is no tax owed on gifts unless it's close to over $13 million: www.ml.com/articles/estate-gift-tax-exemption-sunset.html#:~:text=As%20a%20result%2C%20for%202024,along%20substantial%20gifts%20tax%2Dfree.
The fha rules for gifting are annoying..but you gotta follow em to a T...had that issue on my last transaction..some Underwritters are STICKLERS....
I’ve been cussed out by so many people because of FHA rules lol. Even after I told them up front what the process would look like 🥴
I wish I had watched this months ago. I'm going through all of the stress you talk about in the beginning right now. 🤦🏾♂️
Can I gift the maximum amount for that tax year to a friend for their life span?
The gift maximum is over $12 million before gift tax is triggered: turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
I didn’t see cousin under close relative for a conventional loan. Would a cousin qualify? I see aunt and uncle.
What do I do with an envelope full of cash? Season it for 60 days?
Yep! That’s the best/easiest solution
Put it in cashiers checks & deposit it...that way its seasoned for 60 days
And how you aquired it ..(SOURCED)...
What if my boyfriend wants to gift me money for the down payment? We're not engaged or anything though. How would you advise this?
Yet another benefit of marriage. How about a gift for singles who have managed to survive this couple/primary family unit society?
I am not aware of a gift/grant like that
Why isn't the easiest solution to just season the money?
i don't have family
How would you go about cash from a wedding?
Can you be gifted the entire equity?
There would be no reason for a mortgage if that was the case.
@@samiamor3955 The house is worth 480,000 owes 315,000