View Sample Gift Letter Mortgage PNG. Often times a propsective homebuyer can't come up with sufficient funds for a downpayment in order to qualify for a mortgage on the home they want to purchase. Many mortgage loan programs available today allow borrowers to use gift money from an approved donor, such as a family member of close friend.
Before finalizing the letter, check with your lender to make sure that it includes all information the bank requires, such as evidence of the donor's ability to provide these gift funds.
By signing this gift letter, both the donor and recipient confirm that they didn't receive the gift funds from any person, business or entity that has any interest in the property being sold or any person connected to the transaction, such as the seller, real estate agent, builder. Let's say for a mortgage is gift money and not borrowed money. Your lender will likely require a gift letter for a mortgage signed by the donor. The lender wants to know that when you agree to make your monthly home loan payments, you won't.