Receiving gifts from loved ones can make it easier to come up with the cash for a down payment and buy a home. If you want to use gifts alongside a home loan, though, you’ll need to provide your ...

What Is a Gift Letter? 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 letters is when ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She ...

Cash gifts from others can be used toward a down payment or home purchase. In order for a cash gift to be eligible, mortgage lenders require a gift letter that specifies the amount of the gift, its ...

A gift letter for a mortgage confirms that some or all of the borrower’s down payment money is a gift that doesn’t need to be repaid and that the giver isn’t involved in the purchase or ownership of ...

Mortgage lenders need documentation for large deposits in your bank account. For gifted funds, this means providing a gift letter. A gift letter should include the name and contact information of the ...

When you buy a home with a mortgage and use a gift of cash or equity toward that purchase, you need to get a gift letter from the donor. A gift letter documents where the gift comes from and confirms ...