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00 or imprisoned not more than two years or both. GIFT LETTER INSTRUCTIONS During the course of your mortgage application interview the fact that a part of your closing costs and down payment will be funded by a gift was discussed. In order to assist you in completing the gift letterform you have been given the instructions listed below have been prepared. It is important that you understand the reason for the requirements. GIFT LETTER DONOR SECTION I/We am/are Name of Donor/s Please legibly...
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Instructions and Help about down payment gift letter form
this is a standard gift letter I'd like to show you how it's supposed to be completed it is filled out by the gift giver the donor it is not filled out by the mortgage borrower you start out by eius the donor have made a gift of and you fill in the amount of money that's been gifted here and it says it's important to note that no repayment is expected or implied either in the form of cash or services it's important for them to know that the gift is truly a gift and that it is not a loan the gift is to be applied towards the purchase of the property located at here's where you put the property address that's being purchased by the borrower's the source of funds for the gift is the bank name type of account checking saving if it's other maybe you've got somebody who's writing a check to you off of an equity line they have that would be other and you would explain what that is account number relationship to borrower this is usually going to be a family member so parent sibling then it's simply filling in the gift giver or the donors name street address city phone number sign date and that's all there is to a gift then you would also document the paper trail of the gift showing the money departing the donors account ie a bank statement showing the money flowing out of their account to you and then you would also show a bank statement once the money hits the mortgage borrowers account to show that the money's been received and cleared into their account and that's all there is to the entire gift process start to finish