Using money transferred from abroad for a down payment... need some advice

Financing Forum
1

Hi everyone, I’m in the process of buying my first home and wanted to ask for advice from those who’ve been through something similar. Has anyone here used money transferred from abroad (via a broker) for their down payment? Were lenders hesitant to accept this money? Did you need to provide any specific evidence or documentation to show where the money came from? I’d appreciate any tips or insights from your experience, especially if you’ve dealt with the U.S. market (moving money from Canada). Thanks in advance.

2

If you’re working with a lender, you should reach out to them to see what’s needed. They have to source the funds no matter what.

3

Zaden said:
If you’re working with a lender, you should reach out to them to see what’s needed. They have to source the funds no matter what.

That’s a good point. I guess it’s better to ask them directly about their requirements.

4

There’s a lot to unpack here. If the funds have been in your bank account for 2 months, it shouldn’t matter where they came from. But if you’re sending it directly to the lender, that might cause some issues, so definitely talk to them first.

5

@Lorin
I see what you mean. I didn’t realize timing might matter. I’ll make sure to clarify that with my lender.

6

Moving money from one country to another can be really expensive. Just make sure to factor in any fees when you’re planning for your down payment.

7

Oak said:
Moving money from one country to another can be really expensive. Just make sure to factor in any fees when you’re planning for your down payment.

Thanks for the heads up. I’ll definitely keep an eye on the fees.

8

I dealt with a similar situation, and my lender just wanted proof of where the money was coming from. Keep all your transaction records handy.

9

Vitt said:
I dealt with a similar situation, and my lender just wanted proof of where the money was coming from. Keep all your transaction records handy.

Got it. I’ll organize all my documents just in case. Thanks for sharing.

10

It’s definitely a bit of a process, but just stay on top of things. If you communicate well with your lender, it should go smoothly.

11

Hollis said:
It’s definitely a bit of a process, but just stay on top of things. If you communicate well with your lender, it should go smoothly.

I appreciate the encouragement. I’ll make sure to keep the lines of communication open.