The donor can transfer gift funds at closing when you buy the house by wiring the money directly to the closing agent. This is often the easiest way to document the transfer of gift funds from the donor to the buyer.
Follow these steps when transferring gift funds at closing:
Provide the lender with a copy of the gift letter and the donor's bank statement verifying the source.
Wire the gift funds to the title company, or settlement agent handling your closing.
The settlement agent applies the gift funds to your purchase and provides the lender with the necessary documents.
Transferring gift funds directly to the closing agent is simple and requires fewer documents. Feel free to schedule some time with us so you can ask your questions. Rely on our staff of certified mortgage underwriters to guide you along the path to homeownership, making sure everything goes smoothly.