LOE for Sending Money to Family

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  • #67263
    MNWilson
    Participant

    Hi,

    I would like send my parents some money to help them out with their bills. I plan on sending the funds through Zelle. Would it be best to include my reason for the transfer in the message section with Zelle? Should I also be prepared to have a LOE to explain the one time Zelle transaction?

    Thank you in advance

    #67264
    Nelsont
    Member

    Yes make everything as clear as possible. A letter of explanation will be needed for every large transaction and for every cash transfer app transaction.

    I am not too familiar with Zelle though BOA allows you to pay your mortgage through Zelle but, in general during the home buying process the use of apps and cash instead of check, debit or credit card are frowned upon because they eliminate a paper trail which is the one of the most important things in underwriting your file.

    #67265
    TTrumble
    Member

    Hello MNWilson,

    Both are excellent ideas, and I suggest you do both. It’s impossible to be too thorough.

    It’s much like what I tell members who come to an Achieve the Dream event or their intake appointment, “better twenty pages too many than one too few”.

    You’ve definitely got the right mindset. Keep it up!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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