If down payment gift money is provided to home buyers, both the donor(s) and recipient(s) must sign a mortgage gift letter. Gift letters state that the money changing hands is not a loan. There can be no expectation of repayment. Every lender requires this.
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mortgage gift letter template that will perfectly match your needs. These mortgage gift letter template provide excellent examples of the best ways to structure such a letter, and include sample content to function as a guide to design.
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Documenting the Gift. Lenders require you to provide some detailed documentation any time a down payment gift is changing hands. Specifically, you’ll have to produce a letter which includes the name of the donor, their relationship to you, the date and amount of the gift and a statement that says the money is given with no expectation of repayment.
A short letter like this sample gift letter will cover all of the requirements your lender needs. The lender will also verify that the funds that were gifted are actually in your account. This is to ensure you can access the money for the mortgage down payment.
A gift letter confirms that money used for a down payment; let’s say for a mortgage is gift money and not borrowed money. The donor has to write a letter to the recipient’s mortgage bank to indicate the source of the funds and that the recipient has no obligation to repay the money.
1.) These funds are being provided as a GIFT and will never have to be repaid. 2.) I/We are an immediate* relative of the borrower and that no part of the financial gift is being provided by any third party having any direct or indirect interest in the purchase and/or sale of the subject property listed in this letter. Donor 1: _
If a financial gift is being used as part or all of the down payment, applicants and the gift donors must confirm that the gift meets certain regulatory and legislative requirements. Applicant Information This letter confirms that a financial gift has been made to the applicants(s) to assist in the purchase of a property according to the.