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Reply to "Question for those of you whose parents helped with a home purchase"
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[quote=Anonymous][quote=Anonymous]In 2004, my parents gave us money for a down payment (we had enough for 20% but my parents' gift allowed us to have 35% equity in the house, thereby reducing our monthly mortgage payments). They just wrote me a check and I deposited it. No letter to the lender, etc. Maybe in 2004 (pre-collapse) they were more lax with the requirements.[/quote] As long as the money is in your account for 60 days, it is considered "yours". No gift letter is needed. For a conventional loan, if you're only putting down 5% (which is allowed up to $417,000), you are not allowed to use gift funds; the money has to be solely yours. If the gift is more than 20% of the sales price, then you don't have to put any of your own money down. Any gift of $13,000 or more should be reported to the IRS and you will need anyone "gifting" you funds to sign a letter stating that you don't need to pay them back. [/quote]
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