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For some buyers, coming up with a down payment and/or funds to close can be challenging. When family members offer to help, it can be helpful but there are some do's and don'ts when gifting funds to buy a house. 

• Do tell us from the start of your loan process that you are receiving gift funds for down payment and/or closing costs. 
• Do complete Gift Funds Letter that we will provide. 
• Do advise us if funds will be deposited to your account or will be wired to escrow at closing.  If deposit to your account - this must be documented with bank ledger showing funds deposited to your account, copy of donor's check and copy of donor's bank statement showing funds withdrawn out of donor's account.  If wire to escrow - we will provide you with escrow wiring instructions.  It's a lot easier to wire funds at closing since it requires less documentation.
• Do notify escrow ahead of time before wiring gift funds and provide exact dollar amount. 
• Do reach out to escrow directly prior to wiring gift funds and to confirm wiring instructions.
• Don't send wire to escrow without verifying it with escrow over the phone first. Always inquire before you wire. 
• Don't wait until the last minute to send wire to escrow at closing. Banks have cut-off for wire transfer and escrow has cut-off to receive wire transfer on closing day.  It must be done before closing (preferred) or as soon as banks are open on closing day. 

We must always be vigilant of wire fraud.