A gift letter is a written statement provided by a donor to a homebuyer, confirming that a financial gift is being given to assist with the home purchase. Lenders often require gift letters to ensure transparency and verify that the down payment or closing costs are not borrowed funds.
Context: Identifying the document.
Gift letter title
Gift verbiage
Key takeaways: Important information.
Gift amount
Borrower’s name
Subject property address
Source of funds information
Donor’s relationship with borrower
Donor’s information
Donor’s signature