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Thought the 'gift letter' mortgage thing was a myth until my cousin's closing in Toledo
My cousin bought a house in Toledo last month and her lender had her sign a gift letter for the $12,000 her mom chipped in. I always figured that letter was just a formality, but a loan officer explained the money actually has to sit in the buyer's account for a set window or the whole thing can get flagged as fraud. So people who move the cash around to look like a gift when it's really a loan are the ones who get caught up. Anyone dealt with a lender who wanted proof of where the down payment sat and for how long?
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the_wesley3h ago
Ever notice banks make you prove everything except being rich?
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