How do gift funds work for conventional loans? Well, when it comes to gift funds for conventional loans, my team and I are much less intrusive on the donor in terms of documenting account ownership.
If you follow the set of specific instructions we will lay out for you, then we won’t need to see bank statements from the donor. Here’s what you need to do.
First, have your donor write you a check. Next, deposit that check into the account we’re verifying for your funds to close. Then, send us an updated transaction history from your account to show that those funds are now available.
After that, you will need to call your donor to have them send us a copy of the front and back of the processed check from their bank. Once you’ve followed these instructions, you should be good to go.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.