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Mweg
Feb 14, 2003, 08:29 AM
Can you put $50,000 cash down on a house and simply say that the money "was a gift"? Will you need proof of this? If so, what kind of proof?
BSN22
Jul 19, 2005, 05:56 PM
I put only 6,000 down and had to show proof that this was a gift. My proof was in the form of a notarized letter from the person who gave the gift.
AtlantaTaxExpert
Jul 24, 2005, 09:08 AM
Mweg:

BSN22 is correct. Mortgage companies do not want to have you owe anyone else on your house "off the books". Expect any amount of $5,000 to be scrutinized thoroughly.