Gift money from parents won't arrive on time - Any suggestion?

[Anonymous]

You have to file if > $14K, put you can choose to deduct from lifetime exemption. OP's parents are using this as an excuse to cheat her. Ask them for more money.

[Anonymous]

The tax limit is $28k per person because mom and dad can give you $14k each, and then give another $28k to your partner tax free.

[Anonymous]

Anonymous wrote:
But did you get pre-qualified through a lender or pre-approved? Generally pre-approvals, where the lender has already inspected your financials, pulled your credit, etc. put you in a much stronger position than just being pre-qualified when making offers. The pre-approval process may require the gift letter, etc., even if the actual funds aren't available yet.

Oh, I'm so beginner. It's "Pre-Approved". We can basically afford it on our own.
But it would be nicer if we can reduce the total loan amount, or have gift money as an emergency funds, or put them in the Retirement plan.
Also, I was speaking about 14k limt. Lifetime 5.25millinon?!! That would be super nice.

I'll discuss our options throughly tonight.
Anything I should be aware of? Like type of contingency, etc.?
Thanks!!

[Anonymous]

I'm guessing the total is $56K ($28K for you and your partner), which will be more useful in cash after you settle than as part of a down payment.

Don't worry about it. Just look forward to having cash to help you set up your new home.

Congrats!

[Anonymous]

You want to talk to your lender anyway - you want the letter to be for the exact amount you're offering, not higher. You will want to get a new letter for each bid. You can know that you're approved for 400k, but if you're offering 360k, you don't want the seller to know that or else they won't negotiate.

[Anonymous]

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

Why are you all so bitter? This is how families have done it for years. In our family, it is viewed as paying it forward. It was done for my grandparents, who gave to my parents, who gave to me. If i am able, i will help my children when the time comes. If this is not how your family works, or it doesn't fit in with your personal ethics, then don't accept money from your family. But really, you just sound like immature jealous bitches.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

Why are you all so bitter? This is how families have done it for years. In our family, it is viewed as paying it forward. It was done for my grandparents, who gave to my parents, who gave to me. If i am able, i will help my children when the time comes. If this is not how your family works, or it doesn't fit in with your personal ethics, then don't accept money from your family. But really, you just sound like immature jealous bitches.

For years, families actually lived together in the SAME house and women stayed home and took care of the children.

But hey, whatever.

[Anonymous]

Anonymous wrote:We just discovered that a hard-to-come by unit came on the market and we are seriously considereing putting our offer.
We are already pre-qualified with full-fledged letter from the lender for the loan amount (i.e., no need to receive gift money).
But, my parents is willing to send me some gift money (the amount that doesn't trigger the gift tax).

Problem is this gift money probably won't arrive before placing an offer.

What happens if we set up a mortgage now and use the gift money when it reached us to pay the portion of the loan,
after the mortgage payment start.
Can I do that?
Or, should I wait till we recieve gift money to set up a mortgage?
Is there differences in the mortgage amount if we top the downpayment first or
making a huge one-time (?) mortgage payment in the middle of the loan history?

Assuming, no pre-payment penalty and also would love to be flexible for choosing the reduced montly payment over a reduced payment term.

Thank you!!

If you put down a lot, your monthly mortgage is lower. If you pay a large amount mid stream you have the higher monthly payment obligation but you are paying down principal which shortens the term of your loan. Unless your lender allows you to recast the mortgage, which keeps the term the sane but allows you to lower the payment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

MYOB. Plenty of hard working people have help to buy a house. I'll probably be one of them. And I'll be grateful. As for the not hardworking people who get gifts, why does that affect me? Or you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

MYOB. Plenty of hard working people have help to buy a house. I'll probably be one of them. And I'll be grateful. As for the not hardworking people who get gifts, why does that affect me? Or you?

No problem with getting a gift, power to you. However, she is relying on the gift and can't buy the house without it. AND asking random strangers (vs the bank or lender) what to do for help if mommy's check doesn't arrive on time.

So when she defaults on the loan and we are stuck bailing her out and she blames the world because...well, whatever excuse "but, it wasn't my fault!" That, I have problem with.

[Anonymous]

OP Good luck with your offer. Put it in and talk to your lender. No need to listen to the bitches here. (I did this last year for my sister)

[Anonymous]

Anonymous wrote:

Anonymous wrote:You should try being an adult

This.

Or maybe Mommy can call and just buy the house for you.

[Anonymous]

Anonymous wrote:you put down a lot, your monthly mortgage is lower. If you pay a large amount mid stream you have the higher monthly payment obligation but you are paying down principal which shortens the term of your loan. Unless your lender allows you to recast the mortgage, which keeps the term the sane but allows you to lower the payment.

OP here.

Thank you for all the comments & suggestions.
This recast option (if we could have one) will definetely help us a lot.
Again thank you.

[REALTOR4U]

Your Realtor should be able to counsel you accordingly. You should be okay but you must let you lender know so he can prepare the loan accordingly. The gift tax should not be a concern but the loan program you choose could have limits. Your lender will need to "source the funds". Advise your parents that in addition to the gift letter that you will need to show the funds came from their account (bank statement). Get the funds from them as soon as possible to minimize any issues. If you change the funding on the lender, the are required to redisclose the loan terms to you and could affect your closing if its close to the closing date.