Lenders need to see that your down payment has been in your account for a minimum of 90 days. They will scrutinize the sum as well, and if there are any irregularities or large deposits that are out of the ordinary, they will ask for clarity on them (it is not illegal to acquire money as a gift from family, but they will still ask).
If your money is coming from another country, lenders will want to see it in a CDN account for at least 30 days and can ask to see the foreign accounts as well.
If you’re receiving a gift from family (and YES it must be from family), then you’ll need to provide a screen capture of the deposit as well as a gift letter signed by you and whoever gave the gift. We can provide the gift letter after your mortgage is approved. Please note that the amount specified in the gift letter must match the amount deposited exactly.
If your money is coming from selling and investment, we’ll need to see the 90 day transaction history. It it’s from RRSPs, TFSAs, or elsewhere, the same applies.
If you’re using money from the sale of a property, it will depend if you’ve already received it. If you have, we’ll need a copy of the statement of adjustments from your lawyer and recent bank statements showing the sale proceeds deposited into your bank account.
If you’ve sold your place, but do not have the money yet, you’ll require a firm sale [LINK TO FIRM SALE FAQ] contract and your most recent mortgage statement. You should have a copy of your sale contract, but if you don’t, your realtor will be able to provide one. You’ll need the full contract with all the addendums.