A Gift Letter for a Mortgage is a legal instrument completed by the individual who gifts the prospective homeowner the funds to finance the mortgage. It is necessary to confirm the homeowner received the money from a legitimate source - their family member, partner, or friend. To make the down payment for the mortgage, you need to prove the gift source was legal and the individual who provided the gift agreed that you would use their money for your residence.
Whether the money covers the down payment in its entirety or not, it will demonstrate your ability to deal with the loan and the lender will be inclined to enter into an agreement with you. You can download a Gift Letter for a Mortgage template through the link below.
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