What is a Gift Letter?
A gift letter is a written document that serves as proof of funds deposited for a down payment. It is essential to note that each lender has its own template for this letter, which we will provide once your loan is approved.
Why Do Lenders Require a Gift Letter?
Lenders require a gift letter along with evidence of the gifted amount deposited into the purchaser’s account. This letter validates the funds used for the down payment and establishes the relationship between the giver and the recipient.
How Do I Get My Gift Letter?
To facilitate the process, we will provide you with the necessary gift letter form required by most lenders. Remember, the deposited amount must match the sum stated in the gift letter. It’s advisable to deposit the funds into your account at least three weeks before the closing date.
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