Are you looking to purchase a home but don’t have enough money saved for the down payment? Don’t worry, you can still make your dream of homeownership come true with a gift letter. A mortgage down payment gift letter is a document that explains the source of your down payment funds and provides proof that they are not a loan. This template can help you create an accurate and legally-binding document to submit to your lender when applying for a loan. Whether you’re receiving assistance from family or friends, this template will ensure that all parties involved are protected and that your home-buying process goes smoothly. Read on to learn more about how to use this mortgage down payment gift letter template.
Date: __________
To Whom It May Concern:
This letter is to confirm that [Name of Donor] is gifting [Name of Recipient] the sum of [$Amount] for the purpose of a down payment on a mortgage loan.
[Name of Donor] is a family member/friend/acquaintance of [Name of Recipient]. The funds are not intended to be repaid and are to be used solely for the purpose stated above.
Furthermore, [Name of Donor] has no expectations or obligations associated with this transfer.
If you have any questions or require additional information, please contact me at the address or phone number listed below.
Sincerely,
[Name of Donor]
Address: ___________________
Phone Number: _______________
The use of a mortgage down payment gift letter template can be a valuable tool for individuals looking to purchase a home. It allows them to obtain the necessary funds from family or friends, while still remaining in compliance with the lender’s requirements. This template also ensures that both parties are clear on the terms of the agreement, and can provide peace of mind for both the giver and receiver. With its ease of use and convenience, this template is an essential part of any successful home purchase.
