The Gift Letter For Mortgage is primarily used when someone receives financial assistance for a mortgage down payment from a family member or permitted donor. This document became increasingly important following stricter lending requirements implemented after the 2008 financial crisis. It typically includes the gift amount, donor's information, recipient's information, property details, and explicit statements about the non-repayment nature of the funds. In the United States, this document is required by most mortgage lenders and must comply with specific federal and state regulations regarding gift funds in mortgage transactions.
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1. Donor Information: Full legal name, address, and contact information of person giving the gift
2. Recipient Information: Full legal name, address, and contact information of person receiving the gift
3. Property Details: Address and description of property being purchased
4. Gift Amount Declaration: Specific dollar amount being gifted and clear statement that funds are a gift with no repayment expected
5. Relationship Statement: Declaration of the relationship between donor and recipient
6. Source of Funds: Declaration of where gift funds are originating from
7. Signatures: Signature blocks for donor and recipient with date fields
1. Contingency Statement: Additional terms or conditions attached to the gift, used when gift is contingent on specific circumstances
2. Financial Capability Statement: Statement confirming donor's financial ability to make gift without compromising their own financial situation
3. Notary Block: Space for notarization when required by lender or local regulations
1. Proof of Funds Documentation: Bank statements or other documentation showing source and availability of gift funds
2. Identification Documents: Copies of government-issued identification for donor and recipient
3. Fund Transfer Documentation: Wire transfer receipts, check copies, or other evidence of fund transfer
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