Wednesday, January 4, 2012

Showing bank statements for mortgage?

Husband and I are in the process of buying first home and lender wants this month bank statement next week. We are getting a Fannie Mae homepath loan with 5% down. Our house is contract purchase price is for 64,900. The question I have is on the 31st of this month, this coming Monday we are getting a deposit of $6,000 from my husband's parents for gift of buying a home. The amount was sent by personal check and was deposited last week but our bank put a hold on it to make sure funds were available. This amount is well over the amount needed for down payment and our closing costs. Is that going to be ok? Will we have to show doentation such as gift letter, copy of check and parent's January bank statement?

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