Gift Funds

Gift Funds



hi my name is Alex go to choose custom short comm to talk to you about gift funds body you guys use gift funds they explain some pitfalls and benefits and the rules of gift funds so when you get applied for a loan and you get a denial on a us systems and you add some extra money from a family owner that's going to give you a gift say they give you $5,000 let's see even your own down payment you have your own closing costs but it's still not approving gift funds could actually give you an approval because now you have extra money so that's a good point how gift funds can be used but has to be a true gift from a family member it can't be from a friend they can't be up alone and so if you get a true gift from somebody and that could help you get improve illogical the downside of gift funds sometimes when we use gift funds on a % gift funds and you have a little credit score I think she may us some may not approve you and wants to see you have some skin of your own in the game so gift funds aren't always the answer so we have to play with that and try to figure out what how much gift funds we need how much of your own money we need and sometimes you get if you got good credit score gift funds could be a hundred percent even me New Yorker but when you get down on a little credit score's gift funds sometimes aren't the answer I want to explain to you though the process of the gift and not work so what you need is a family member to them to give you the money we're going to ask Rachel and ask for one month statement from your donor which is you insane sir parents they give you one month's the bank statement showing that they have the money in there now you can't do is give them you know a lot of what they're looking for is any kind of weird cash deposit and then a check written to you so they have to have the money it can't be deposited that month in their account so you show the money if they have it but since $5,000 they got $10,000 balance you get a copy of the check that they wrote you that a copy of their activity statement after they the check cleared their account showing a LOF their account the others want to see it leaving their account I want to copy the check they want to see if going into your account and clearing and then when I gift letter signed by you and your parents saying that this so we need a donor statement activity statement showing a left copy of the check then a copy of your activity statement showing it's clear and the gift letter and that's the gift process and it's gonna be really tedious getting these activity statements getting it all right but please follow the directions on the gift and you'll be really happy what gift funds can do for your approval and we use them a lot here at Dustin short calm you want to see some more on this go to our blogs that give funds or watch similar videos and give me a call at six three zero nine one five seven five five zero

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