When someone offers to help you make a down payment on a house, your lender will require a gift letter for a mortgage. Here's what it includes.How much money do you need to receive before a gift letter is necessary? A gift letter is a piece of legal, written correspondence explicitly stating that money received isn't expected to be repaid. Most lenders will be ok with the 10 day gap between withdrawal and deposit of gift. They may ask for a letter of explanation from the borrower. A gift letter is a note from a donor to your lender regarding cash funds for your mortgage down payment. You will need to enter the amount of your recommended grant and your DAF account number on the letter before mailing. How Much Money Can You Receive as a Gift for a Down Payment? This is an information sheet to help you fill out Riverside County Local Form RIPR105, Personalized List of Rights.