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Reply to "Gift money from parents won't arrive on time - Any suggestion?"
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[quote=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.[/quote]
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