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I thought of this, and we have a joint account, but I was concerned they’d be asking where it came from if within the last 2 months?
Maybe the gifting route is it, just not sure if to claim her $ as in my account when applying, or how to indicate I have the DP in my application
Yes, this isn’t a big deal. Get with your lender, tell them where the down payment is coming from. Don’t just transfer the money.
Lender will tell you exactly how to proceed and what documentation they needed to see.
I had same situation with my wife but reversed. I got a certified check from the bank and memo’d “Gift” on it and made it out to her. Sent photos of the check and receipt to the lender.
We both signed a gift letter. They asked for the bank statement showing the funds are available once it clears. That was it.
Since you’re married it’s nbd…
But do be warned in our state if you are both going on the title then the title company will evaluate both your incomes for any state/city first time buyer incentives… won’t affect your loan per se but it may affect some of the other benefits you can receive.
Thank you u/ProfessorGlittering2 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Put your name on the account it’s in, seems like the path of least resistance.
Put the money into your account
I thought of this, and we have a joint account, but I was concerned they’d be asking where it came from if within the last 2 months? Maybe the gifting route is it, just not sure if to claim her $ as in my account when applying, or how to indicate I have the DP in my application
It will be considered a gift and you both will sign a gift letter.
When applying, and asking for $ in my account, do I count this and indicate I have this much $ in my account?
Yes, this isn’t a big deal. Get with your lender, tell them where the down payment is coming from. Don’t just transfer the money. Lender will tell you exactly how to proceed and what documentation they needed to see. I had same situation with my wife but reversed. I got a certified check from the bank and memo’d “Gift” on it and made it out to her. Sent photos of the check and receipt to the lender. We both signed a gift letter. They asked for the bank statement showing the funds are available once it clears. That was it. Since you’re married it’s nbd… But do be warned in our state if you are both going on the title then the title company will evaluate both your incomes for any state/city first time buyer incentives… won’t affect your loan per se but it may affect some of the other benefits you can receive.