Family Gift

A family gift is represented by monitory value of the down payment or partial down payment from a related person gifting to the borrower who is purchasing a primary residence. A family gift is another source for the down payment. A related person is defined below and is subject to change without notice:

  • The borrower’s spouse, child or dependent
  • An individual related to the borrower by blood, marriage or adoption
  • A guardian of the borrower
  • The borrower’s domestic partner
  • Fiancé

Verification of the gift must be in a form of a gift letter. The letter is supplied by the broker or lender that is to be completed by the family member/donor.  The letter contains the following and is subject to change without notice:

  • Donor’s name and address
  • Relationship of the donor
  • State that repayment is not required or expected
  • Identify the address of the property being purchased
  • Amount of gift
  • Donor to verify sufficient gift funds
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