For gift funds, the typical verification requires that you have the following
-bank statement from your account to show that the funds are available. If you deposit the check a month or more earlier, you will also need the page that shows the transaction.
-bank statement from parents account that shows that they had the money available in their account and, if already cleared, the statement with the check clearing their account.
-copy of the check, front and back
- letter or written statement from parents that says they are giving you the money with no expectation of repayment and where they got the money (savings, sale of stock...)
The biggest concerns with gift funds is that you or someone else has borrowed it and that there is a new debt that you could be responsible for.
Years of processing fanni, freddie and FHA loans