Douglas Sacha / Getty Images A gift letter is a piece of legal, written correspondence explicitly stating that money received from a friend or relative is a gift. The most common use of gift ...

A gift letter for a mortgage verifies the source of a homebuyer’s gifted down payment funds. The gift letter proves that the funds are in fact a gift and don’t have to be repaid, and that the ...

Wells Fargo executive director of mortgage sustainability Rulon Washington joins Wealth to explain the use of a gift letter, when you'll need to use it, and the information that has to be included ...

Which costs it can be used for. How to document the gift (a mortgage gift letter). The rules are different depending on the kind of loan you get. Whether you’re giving or receiving a gift ...

If you were receiving a lump-sum gift from one person, you’d likely need a gift letter for the lender explaining the source of funds. “If you were receiving a lump-sum gift from one person ...

In the first scenario, “the donor signs a letter that confirms the amount of the gift and — most importantly — that it is truly a gift and does not require repayment,” says Chris Chudacoff ...