Two questions: One about appraisal and the other about gift money

QuestionsTwo questions: One about appraisal and the other about gift money
asked 3 years ago

I have two questions:

1. I live in an area where you can’t pay asking price or less, you almost always are in a bidding war. In our case, we “won” this house by 16k over asking. I have friends who had to go 100k + over asking so feel lucky. Now that we are having the appraisal done this week I am nervous though. We are financing through FHA, and are putting a larger portion down. If the selling price was 300K, we are putting down 40k (not including closing which we will also pay for), does the house need to appriase at 300k or higher, or does it only need to be appraised at 260k or higher since we would only be financing 260k? 


Question 2, regarding gift money.

My parents gifted us 30k. They inherited some money because of the sale of a family member’s home. They signed the gift letter, but now the underwriter wants their bank statement. They are not happy about providing this, but are willing to. I am concerned the underwriter will not be happy about seeing the money that got deposited earlier this month. Are underwriters only verifying the money did indeed come from the person’s account who gifted the money? Or, are they also concerned about the large amount of money deposted into the gift givers account? If the latter, what can we do to explain the situation? My parents don’t want some other family members knowing they gifted us money and I could see this potentially causing family drama. Smiley Sad


Thanks in advance!




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