Gift funds are often used to off-set the down payment or closing costs when purchasing a home. Here are the basic guidelines that need to be followed for all loan programs:
- Funds must come from immediate family member
- If last name differs, you must prove relationship via birth certificate or marriage license
- A gift letter has to be completed
- You have to prove donor had gift money availiable in account via canceled check or bank statement showing the gift clearing the donor’s account
- You need to show gift funds being deposited into your personal account and show the new balance after deposit
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