Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.
I am afraid that this likely isn't going to work because the banks are pretty hip to this type of thing and they will normally require money to "season" by being in a person's account for 60-90 days before they will allow it to be used for reserve or down payment purposes. The way this is normally done is by someone loaning/giving the money to the person and then signing a "gift letter" stating that they are giving the person that money.
So if friend can't get that money either with a gift letter or have it sit in their account to season, then the bank may not agree to make the loan.
As an aside I used to be a closing attorney for 4 different lenders..
I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...