Donors Bank Statement on FHA gifts
Due to HUD indemnification requests, going forward, a copy of the donor’s recent bank statement will be required , regardless of how the funds are transferred to the borrower or into escrow. If there are large deposits to the donors account, the underwriters will request source of funds.
We will not change any conditions to approvals already issued. Should loan officers wish to provide the bank statements, they will be accepted.
Should you have any questions, please contact your department manager.