Will It Hurt Me If I Have A Family Member Deposit A Check Into My Bank Account For Closing Costs?
I am buying a house and the lender needs proof(bank statement) that I have enough to cover closing costs. A family member is going to help pay closing costs. Will it hurt me when they look at my bank statement and see that the amount to cover closing costs came form a family member? Its a USDA Rural Housing Loan.
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I have posted a reply to this question here: http://www.myfhamortgageblog.com/2009/11/can-you-receive-a-gift-for-usda-closing-costs/
I hope this helps.