Q: How to Explain a large deposite to a lender? It’s a gift from a friend.
A:
Telling them 'it was a gift from a friend' sounds like the start of an explanation. The friend will probably also need to provide the lender a 'gift' letter. And if the gift was large enough to exceed the annual exclusion amount, your friend will probably also need to file a gift tax return.
Seek local legal help if that paragraph raises more questions than answers for you.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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