caycifish_IHB
New member
[quote author="CalGal" date=1207260515]
<p>When we purchased our first home in 1994, our bank researched every penny of our down payment. They pulled our bank records to see how long the money was in our account, etc. My mother loaned us $10k towards the downpayment, and the bank wanted a letter from her stating that it was a gift and not a loan. </p>
<p>Times have changed.</p></blockquote>
My BIL ran into a similar situation when getting down payment money from his grandmother and an uncle. The bank even wanted to see their bank records. It did get a little ridiculous with the hoops the bank made him jump through. This was last August or so, but for a very small loan (about $45K) for a mobile home.
<p>When we purchased our first home in 1994, our bank researched every penny of our down payment. They pulled our bank records to see how long the money was in our account, etc. My mother loaned us $10k towards the downpayment, and the bank wanted a letter from her stating that it was a gift and not a loan. </p>
<p>Times have changed.</p></blockquote>
My BIL ran into a similar situation when getting down payment money from his grandmother and an uncle. The bank even wanted to see their bank records. It did get a little ridiculous with the hoops the bank made him jump through. This was last August or so, but for a very small loan (about $45K) for a mobile home.