I am getting closer December 17th – the day my Ch.7 hits the 2 year mark! I have ensured I have everything in order. My co-signer had a couple collections that were put on Equifax in error and those were deleted as soon as I disputed them. Their mortgage scores are over 680 at this point and my midscore is 639!
I do have a question about “gift” money. I have tried searching these forms and haven’t found an answer quite yet.
I have seasoned money in my accounts for the down payment but my partner will be gifting me money to help cover any additional costs (especially the 4,500 dollar buyout of my lease) . They cannot be on the mortgage but will be gifting me money from their second job. I am a joint on a bank account with them, and it shows a direct deposit for the funds that will be used for buying out my lease and possibly for part of the down payment.
There will be another person athat will be my cosigner but the person gifting me this money from their paychecks will not be in any way associated with the mortgage.
What precautions or things should I be doing to avoid any problems with this? Will they need to “gift” me this money? Or since I am a joint owner on the savings the Direct Deposit goes into – will that not be necessary?