Once again we have a slight funding delay because the buyer simply deposited her gift funds (from her sister) without getting a copy of the check or keeping a copy of the deposit slip (she had forgotten our previous instructions). In any case, when a buyer needs gift funds to close, it is always best to simply have the gift funds go straight to escrow, as escrow will be able to provide the necessary paper-trail.
BUT, if a buyer does get a gift check prior to close, make sure she (1) makes a copy of the check; and (2) keeps the deposit slip. The lender will always ask for these items.
Just and an “FYI”, there is a bill pending in Congress that will increase the minimum FHA down payment to 5% from 3.5%, and it appears likely to pass. It certainly will not be the end of the world with FHA “gift” rules and seller credit rules so generous, but it will require some additional machinations. We will keep you posted.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167