Digital Signature Legality for Home Loan in Canada with airSlate SignNow

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gift money today we're going to talk about gift money guys my name is Ryan and I'm Neil and today we want to talk about how when where and what you need to know about gift money when you're buying a house now the first thing I want to talk about guys is this sometimes these rules may change a little bit but typically this is what to expect so as of right now we are currently in November almost December of 2022 this is what you need to know tomorrow's December 1st the first thing is who who can give you gift money when you're looking to buy a house and the answer is pretty much everybody and anybody except for friends cousins and what was the other one and a fiance and a fiance but you can do domestic Partners you can do aunt and uncles you can do siblings parents niece nephews parents and step parents and grandparents don't ask me why it's so weird but that's who can give you the gift money guys the second thing is uh where it comes from now if it's an FHA loan let's say you're borrowing and you're taking an FHA loan that money has to come from a bank account with seasoned money showing it from their bank statement where it's been in that person's bank account for 30 days before you settle on the house so let's say Grandma and Grandpa are giving you a check for your down payment you have to make sure that that money's been in their account for at least 30 days it can't be under their mattress and it can't be in their soccer or whatever like that if it's a conventional mortgage what's the difference Neil they don't care all they want is the canceled check right if it's convention so the POF stands for proof of funds meaning you don't have to have proof of funds they just have to see that a check cleared and went into your account and is now a canceled check and is done season funds we talked about this if it's an FHA loan that money has to be seasoned for 30 days now remember if it's your money in order for you to use it for your down payment and closing costs it has to sit in your account for 60 days before you can use it if it's a gift for an FHA loan and let's say Grandma and Grandpa are giving you that money it has to be in their account for 30 days before you can use it if it's conventional it doesn't have to be seasoned they can pull that money out of a hat and all of a sudden there you go you can use it how much money can be used with gift monies Neil entire down payment can be a gift right so I actually had somebody who they didn't have any money for their down payment because they had the money for the closing costs they actually had their parents give them the entire down payment which they ended up putting more down but again the entire down payment can be a gift so you don't actually have to have any of your own money for that would be the closing costs too it can be right it can be everything they can like you can have Rich relatives and they just write you a check for down payment on closing costs right but at least you want to know that the entire down payment for those of you that need it because you might get seller assist to cover some of the closing costs the entire down payment can come from a gift last thing is when when do you want to take this gift money and this is I just had a conversation with some Realtors uh it was Delisa and her sister Denise what you want to know is this guys before you even think of moving the money okay let's say your grandparents are gonna don't have them all of a sudden cut you a check for 10 grand wait keep the money where it is because what you don't want to do is move the money and then have to move the money back because then you may mess up the time frame for which we can use that money and then there's a trail we want it's a lot easier to call us call us ask us what do I do now because we will send you a gift letter has to be signed it's pretty easy and then we will tell you how to do it the whole process guys is better and easier if you just talk to us and let us give you timelines and checklists of exactly what to do when to do them and how to do them it'll make the process so much simpler for you so if you have any other comments or any other questions regarding this put them below otherwise we appreciate your time we appreciate the love if you found it helpful make sure to share it and we'll catch up with you in the next video take care and stay safe