Bankrate offers reliable financial advice to help consumers make mortgage decisions. They produce objective and accurate content, created by experts. A mortgage gift letter confirms that down payment funds are gifts, not loans, and the giver has no ownership rights. The letter should specify giver's information, fund amount, source, purpose, and the borrower's obligation not to repay. Down payment gifts can be from family, friends, or non-relatives, but not from parties with financial interest. Funds should be received at least two months before applying for a mortgage.
Continue to full article
Leave a Reply