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?
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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?
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.
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.
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