WHAT IS A GIFT LETTER?
A gift letter is a written document used to show funds deposited for a down payment. Each lender needs their own on their own template so we may need to wait until the approval before doing this step.
WHY DO LENDERS REQUIRE A GIFT LETTER?
The lender will require a gift letter along with confirmation of the gifted amount being deposited into the purchaser’s account. The gift letter verifies the amount of funds being used for a down payment and the relationship of the person giving the gift to the receiver.
HOW DO I GET MY GIFT LETTER?
Most lenders have their own gift letters; therefore, I will provide you with the form needed for submission. Please note, the amount being deposited must match the amount stated on the gift letter. Additionally, the funds should be deposited into your account a minimum of 3 weeks before the closing date.