The Gift Letter form is a document used to outline the details of a monetary gift, often required in real estate transactions to clarify that the funds are not a loan. This form helps buyers demonstrate their financial stability to lenders, ensuring a smoother mortgage approval process. If you need to fill out a Gift Letter form, click the button below to get started.
When it comes to purchasing a home, many first-time buyers often rely on financial support from family members or friends. This is where the Gift Letter form comes into play, serving as a vital document that outlines the nature of the financial assistance being provided. The form typically includes details such as the donor's name, relationship to the recipient, the amount of the gift, and a statement affirming that the funds are indeed a gift and not a loan. By clarifying these aspects, the Gift Letter helps lenders assess the buyer’s financial situation more accurately, ensuring that the gift does not create any repayment obligations. Additionally, this form can play a crucial role in satisfying the requirements set by mortgage lenders, who often need to verify the source of the funds used for a down payment. Understanding the importance of this document can streamline the home-buying process and provide peace of mind for both the giver and the receiver.
Gift Card Template - From unique items to fun activities, our gift certificate lets them decide.
When participating in sports or recreational activities, it's important to understand the implications of signing a legal document, such as a standard Release of Liability agreement, to ensure all parties are aware of the potential risks involved.
Basketball Player Evaluation Form - Finding the right spot evaluates where the player positions themselves for optimal rebounding.
GIFT LETTER
Applicant(s):
Loan Number:
I,
, do hereby certify the following:
(Donor)
(1) I have made a gift of $
to
(Amount)
(Recipient)
Whose relationship is:
(Relationship)
(2) This gift is to be applied toward the purchase of the property located at:
(Property Address)
(3)No repayment of the gift is expected or implied in the form of cash or by future services of the recipient.
(4)The funds given to the homebuyer were not made available to the donor from any person or entity with an interest in the sale of the property including the seller, real estate agent or broker, builder, loan officer, or any entity associated with them.
(5)The source of this gift is:
(Source)
Donor Signature
Date
Borrower Signature
Donor Name (Print or Type)
Donor Address
(
)
Donor Phone Number
WARNING: Our signatures above indicate that we fully understand that it is a Federal Crime punishable by fine, imprisonment, or both to knowingly make any false statement concerning any of the above facts as applicable under the provision of Title 18, United States Code, Section 1012 and 1014.
Attachments:
1.Evidence of Donor's Ability to Provide Funds.
2.Evidence of Receipt of Transfer of Funds.
Calyx Form - giftlttr.frm (05/02)