{"id":790,"date":"2012-01-06T10:25:18","date_gmt":"2012-01-06T15:25:18","guid":{"rendered":"http:\/\/www.orangesand.com\/?p=790"},"modified":"2012-01-06T10:25:18","modified_gmt":"2012-01-06T15:25:18","slug":"beward-of-down-payment-gift-giving-rules","status":"publish","type":"post","link":"http:\/\/www.thebains.com\/blog\/2012\/01\/06\/beward-of-down-payment-gift-giving-rules\/","title":{"rendered":"BEWARD of DOWN PAYMENT GIFT-GIVING RULES"},"content":{"rendered":"<p>MUST BE SURE TO FOLLOW IRS &amp; LENDERS&#8217; GIFT-GIVING RULES.\u00a0 (1)\u00a0 homeowners still need to come up with at least some of the down payment on their own.\u00a0 Fannie &amp; Freddie have different rules &amp; you do not know which one the loan will be sold to.\u00a0 (2)\u00a0 you may need to document where down payment money is coming from.\u00a0 Must be signed, dated, contact info &amp; relation of donor to borrower.\u00a0 (3)\u00a0 if you have had the gift a long time, you likely won&#8217;t need to document it.\u00a0 If the gift has been in your bank account 3 months or longer it is considered &#8220;seasoned&#8221; and will not require a gift letter.\u00a0 Source of this information is from &#8220;Rules for Gifts to Home Buyers&#8221;, Newsweek, Dec. 2011.\u00a0 AGAIN MUST GET WITH A COMPETENT LENDER &#8211; ONE THAT IS LOCALLY BASED.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUST BE SURE TO FOLLOW IRS &amp; LENDERS&#8217; GIFT-GIVING RULES.\u00a0 (1)\u00a0 homeowners still need to come up with at least some of the down payment on their own.\u00a0 Fannie &amp; Freddie have different rules &amp; you do not know which one the loan will be sold to.\u00a0 (2)\u00a0 you may need to document where down [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/posts\/790"}],"collection":[{"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/comments?post=790"}],"version-history":[{"count":0,"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/posts\/790\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/media?parent=790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/categories?post=790"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.thebains.com\/blog\/wp-json\/wp\/v2\/tags?post=790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}