Down payment, closing costs and reserves. Explicitly state the exact amount of the gift and whether it's designated for the down payment, closing costs, or a combination of both.A short letter like this sample gift letter will cover all of the requirements your lender needs. We'll also show you how to write a gift letter with a gift letter template so you can help your donor prepare for underwriting. The following templates include all the necessary verbiage for a gift letter and should satisfy most lenders. 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. 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. Just as VA loans, USDA loans require no down payment. Your lender may provide you with a gift letter template to make the process easier. A gift letter for a mortgage verifies the source of a homebuyer's gifted down payment funds.