How To Write A Gift Letter For Mortgage Down Payment
Mention how you know the recipient in the first paragraph. State the exact gift amount in dollars that you are offering the recipient. Avoid vague terms like ‘a.
At a minimum, a down payment gift letter should include: The donor's name, address, phone number, and their relationship to you. The amount of money they are giving you (exact dollar amount). The date of the gift / donation. A statement verifying that they do not expect repayment. Address of the home being purchased (in some cases).
Your lender might give you a template to follow if you tell them you’re using a gift for your down payment. If they don’t give you a template, you can use our sample template below and just enter your own information:.
A gift letter for a mortgage down payment is a written statement that the funds are a gift rather than a loan that has to be repaid. The letter must specify who is gifting the money and where the donor’s funds are coming from,.