Fannie Mae and Freddie Mac Guidelines: Federal guidelines that establish requirements for gift funds in conventional mortgages, including documentation and eligibility requirements
FHA/VA Loan Requirements: Specific federal requirements for gift funds when using FHA or VA loans, including donor eligibility and documentation standards
Banking Regulations: Federal regulations governing large monetary transfers and anti-money laundering (AML) requirements under the Bank Secrecy Act
IRS Gift Tax Regulations: Federal tax implications including annual gift tax exclusion limits and Form 709 filing requirements for gifts exceeding the annual exclusion
State-Specific Requirements: Varying state laws regarding gift documentation, state tax implications, and property laws that may affect gift funds for mortgages
Lender Documentation Standards: Specific requirements from mortgage lenders regarding gift fund verification, source of funds documentation, and donor capability verification
CFPB Guidelines: Consumer Financial Protection Bureau requirements regarding disclosures and consumer protection regulations related to gift funds in mortgage transactions
Gift Letter Essential Components: Required elements including gift amount, relationship statement, no-repayment clause, property address, source of funds, and signature requirements
Notarization Requirements: Potential requirement for notarization of gift letter depending on lender and jurisdiction requirements
