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18 U.S.C. 215 - Receipt of commissions or gifts for procuring loans. View the most recent version of this document on this website.As a general rule, lenders will want you to explain any gift you receive that's over half the value of your total household monthly income. Mortgage lenders take gift letters seriously for a variety of reasons. One obvious underwriting concern is your ability to repay. When you use gift funds, you have to provide a gift letter that proves the funds are not a loan to be repaid. When you use gift funds, you have to provide a gift letter that proves the funds are not a loan to be repaid. Where FHA loans are concerned, the entire down payment can come in the form of a gift. Don't let student loans stop you from buying a home. IHDA Mortgage SmartBuy can help!