This is a YouTube video titled "💸 Gift Funds 💸" containing a single-speaker explanation about the acceptable use of gift funds from immediate family members for home loan down payments, including procedural details for conventional, FHA, and VA loans. The content was created on October 7, 2021, and focuses on financial guidance related to home buying.
Gift funds from an immediate family member are considered an acceptable source for a down payment on a home loan. You want to make sure that the gift funds are sent to you by either a check or wire transfer. Then keep a copy of that check or wire transfer receipt. Make sure it's not cash. Cash is no good. Then your lender provides a gift letter for you and the gifter to sign and acknowledge the transaction. On a conventional loan, that's everything. FHA and VA add one more thing into the mix. They feel like the gifter's funds are considered part of the loan, so they review the gifter's last 30 days of transactions. So make sure your gifter is not depositing cash before they give you the gift. SA.
