Depositing a large check from my girlfriend?

Question

I'm just wondering if I'll be going through any legal hurdles with this. I'm in the process of purchasing a house, and I intend to put the house in my name only. My girlfriend is going to be living with me, and offered to give me $2,000 to put towards the down payment. Obviously, this would be a major help. We bank at two different banks, so she'll need to write me out a check. Is there any red flags that will be raised with her giving me that much?

bdancer222 · Answer

There really shouldn't be any problems with only $2k.  You MAY have to explain it to the mortgage folks or get a letter from her saying the money is a gift.

By the way co-mingling funds is a bad idea but it will NOT give your girlfriend ANY claim to the house.  Her name would actually have to be on the deed for her to have any kind of claim to the house .... no matter how much money she gives your or pays on the mortgage -- she would be considered a tenent if she lived there and the funds would be rent.

MP_doc · Answer

Banks (in the United States) flag deposits of $10K or more. $2000 won't raise flags. You may have to explain to the underwriter for your mortgage where the money came from, but I doubt it for an amount that small.

Pat B · Answer

If she helps pay for the house and you "co-mingle" funds, meaning she helps pay any of the costs associated with the house (including a down payment) and you break up she could have a claim to the house whether it is in just your name or not.

Anonymous · Answer

The question is, is it a gift or a loan that you have to pay back later.Either way, it's best to get it in writing in order to protect your future investments. Just remember she is your girlfriend, not your wife.

Anonymous · Answer

Nope, $2000 isn't really all that much in the grand scheme of things.

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Depositing a large check from my girlfriend?

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