Gift Letter Pdf Quicken Loans. Preferences note my situation has changed a bit. In order to use the gift of equity, a client must include a gift letter, just as if they were being given a cash down payment.
Your lender might also ask your donor for withdrawal slips from the transaction. Gift letter i/we do hereby certify to the following: Let’s assume your parents gift you $300,ooo, with the intent that you will use the cash to pay off your mortgage.
A gift letter for a mortgage down payment is a written statement that the funds are a gift rather than a loan that has to be repaid.
Necessary documentation for all loans (fannie mae, freddie mac, fha, usda, va): I'm doing a conventional loan through a broker, 20% down with no pmi from my own money for that and reserves, and getting a gift for closing costs. The letter must specify who is gifting the money and where the donor’s funds are coming from, as well as explain the relationship between the donor and the recipient. If you’re using this money toward most or all of your down.