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. Learn how to create a mortgage gift letter template to ensure a smooth homebuying process with your gifted funds with 6 samples.A mortgage gift letter is a document that helps satisfy the requirement that a borrower's down payment funds come from legitimate sources. You can use gifted funds to make a down payment, but your mortgage lender will want to know some details before they allow you to use it. A gift letter must contain the donor's name, the gift's value, confirmation that the gift is not to be repaid, and the donor's signature. A short letter like this sample gift letter will cover all of the requirements your lender needs. A gift letter is an important, formal, legal piece of documentation that can help explain that a (usually rather large) sum of money was gifted to you. To use gift funds, you must provide a gift letter proving the money is not a loan. The gift donor may not be a person or entity with an interest in the sale of the property such as the seller, real estate agent, builder, or developer. The donor's name, address and phone number.

Gift Letter Sample For Mortgage In Massachusetts

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