question about qualifying for mortgage

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have a friend who mortgage just fell through (after initial pre-approval) because she was using funds received from a relative. Lending companies like the downpayment to have been in your accounts for a couple of years.

That's simply not true. And you can also get a gift letter documenting where the funds came from, and showing that they do not need to be re-paid.

We we also able to qualify with a gift letter.

[Anonymous]

Many purchase offers get rejected in multiple offer situations if the buyer has a gift as a chief source of their down payment and closing costs. But that is rare to have a mortgage denied.

[Anonymous]

Prices are not falling, there may be overpriced listings rust have sit and are now being cut.