This guide explains how to document gift funds for a mortgage and meet lender requirements. A gift letter is a document certifying that your family member is giving you money to cover all or a portion of your down payment or closing costs.The letter must explain who is gifting the money, where the donor's funds are coming from and the relationship between the donor and the recipient. Yes, all lenders will require a gift letter. Although you may have the funds, the lender needs to confirm that you won't have to repay the gift. A mortgage gift letter is a document that helps satisfy the requirement that a borrower's down payment funds come from legitimate sources. Here's a sample gift letter you can use to prove that the money is truly meant as an outright gift, with no expectation of repayment. A statement that it is a gift. A statement that the gift has no commercial interest. Keep in mind, the amount of the transfer must match what's stated in the gift letter.

Gift Letter Template For Money In Chicago

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