A Gift Letter is a formal statement prepared by the person who gives somebody money or property, without expecting the recipient to pay them back or compensate them some other way. Often used to help future borrowers with their credits and mortgages, these documents are prepared by borrowers' family members and friends who provide them with funds used as a deposit, down payment, or a simple payment to purchase the property or make a loan payment.
It is necessary to confirm the source of the gift to show the recipient did not take out a personal loan or used their own savings - the lender needs to know the borrower will not have any additional liabilities that may have a negative effect on their ability to pay for the mortgage or manage credit card debts. Download a printable Gift Letter template through the link below.
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