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Mortgage Commitment Problem

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B

bucklink

Guest
I live in New York. Have a FHA mortgage commitment letter contingant on a few things. One of them is that I show a gift letter from a relative stating their name, address, phone, and relationship...and the dollar amount of $2500. The commitment letter states that I must show transfer of this money from one account to the other...
The problem is that I am not receiving any gift from anyone. I called my mortgage company and the guy I am going through explained that the bank just wants proof of sufficiant funds for closing. I had previously given all my bank statements, so the proof of closing costs are there. Do you think this guy made a mistake? Or is trying to pull something?
He is waiting for my signature on the commitment, however this still don't sound right to me. My mortgage commitment does not say anything about seller's concession either, of which is needed for closing. My lawyer only handles "the closing".
Please help before I am signing something I should'nt.
 


HomeGuru

Senior Member
If you provide proof that you have all the funds to close, then no gift letter is needed. Tell the mortgage company to get it accurate.
If Seller concessions affect the mortgage committment ie. Seller is paying some points, doing repairs etc., then this information needs to be reflected on the Good Faith Estimate or HUD 1.
 

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