{"id":1566,"date":"2021-07-28T11:00:00","date_gmt":"2021-07-28T15:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1566"},"modified":"2024-04-25T23:19:59","modified_gmt":"2024-04-26T03:19:59","slug":"funding-your-mortgage-gifts-and-gift-letters","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/funding-your-mortgage-gifts-and-gift-letters\/","title":{"rendered":"Funding Your Mortgage: Gifts and Gift Letters"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/mortgage-gifts-and-gift-letters-1024x326.jpg\" alt=\"Image of a red gift box with a red ribbon tied in a bow around it. Captioned: Mortgage Gifts and Gift Letters\" class=\"wp-image-1567\" width=\"1024\" height=\"326\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/mortgage-gifts-and-gift-letters-1024x326.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/mortgage-gifts-and-gift-letters-300x95.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/mortgage-gifts-and-gift-letters-768x244.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/mortgage-gifts-and-gift-letters.jpg 1343w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>Soon after you receive your loan pre-approval, expect to see\ndocuments for a conditionally approved mortgage. One condition might be for you\nto obtain a <em>gift letter<\/em>. This happens when someone helps you make your\npurchase, typically by chipping into your down payment cost. <\/p>\n\n\n\n<p>If someone else is helping you, it\u2019s best to ask for the\nfinancial support well in advance. Deposit it. Let it season in your account for\nmore than two (preferably three) account statements. This way, when your\nmortgage specialist asks to see the standard two months of bank statements, the\nmoney will be nothing new. <\/p>\n\n\n\n<p>But if the gift transfer is on your recent bank statements,\nyour mortgage specialist will request an explanation. <em>How did that cash\ninfusion get to your bank account? What is the source of the funds?<\/em><\/p>\n\n\n\n<p>In short, you&#8217;ll need a gift letter.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">What a Gift Letter Should Contain<\/h2>\n\n\n\n<p>The gift letter is a straightforward, one-page statement laying\nout the key details of the money transfer. Your mortgage specialist will give\nyou a template for the letter. Save bank records: an image of the check and the\ntransfer from the gift donor\u2019s bank account. <\/p>\n\n\n\n<p>Your mortgage specialist may request all documentation tracing\nthe transfer, and may also ask for a bank statement from your donor. Why? The\nlender wants to see the history of the funds in the account they came from.\nThis indicates that the money has been legally obtained. <\/p>\n\n\n\n<p>Mortgage lenders require certain details in the\ncorresponding gift letter, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A title at the top, clearly presenting the\ndocument as <em>Gift Letter<\/em>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The donor\u2019s name, complete address and phone\nnumber, and relationship to the borrower. Who is most often eligible? Any\nindividual related by blood, marriage, adoption or guardianship, engagement, or\ndomestic partnership.<em> Not <\/em>any party involved in the real estate\ntransaction.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The amount of the gift.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The address of the home to be purchased.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The gift donor\u2019s source of funds: the name of\nthe financial institution; account number and what type of account it is; and the\ndate on which a bank check to the was (or will be) transferred to the mortgage\napplicant\u2019s escrow account.&nbsp; <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The dated signatures of the gift donor and home\nbuyer.<\/li><\/ul>\n\n\n\n<p>Most important of all: The donor is signing a statement that\nno repayment, either in money or services, is expected. <strong>The lender needs to\nbe sure (a) you\u2019re not assuming another debt when receiving the funds; and (b)\nyour gift donor has no<\/strong> <strong>lienable claim against the property. <\/strong><\/p>\n\n\n\n<p>There is a common-sense explanation for (b). You just need\nto think like a lender to recognize it. The lender, who has to avoid risk,\ncould easily imagine a dispute over the money at some point after closing. What\nif the dispute led to the person who gave you the money making a claim on the house\ntitle? A gift letter demonstrates that the donor is just that \u2014 and has no\nvested interest in the value of the house.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why a Gift Letter Must Be Truthful<\/h2>\n\n\n\n<p>If you have to pay the money back at some later time, it\nisn\u2019t a gift. The underwriter needs to count it as debt in your debt-to-income (DTI)\nratio.<\/p>\n\n\n\n<p>No strings attached? Then the donor should agree to fill out a gift letter. At the bottom, there will be a space for both donor and recipient to certify their understanding that it is a <a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/18\/1010\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">federal crime, with serious penalties<\/a>, to knowingly misrepresent their intentions. <\/p>\n\n\n\n<p><strong>If you intend to pay this money back, do not submit a\ngift letter.<\/strong><\/p>\n\n\n\n<p>An unsecured loan is never allowed to fund a down payment.\nDo not use one by fudging a gift. <\/p>\n\n\n\n<p>Here, a borrower might ask how anyone would know. And how\nwould anyone possibly charge a donor or recipient with a federal crime once the\ndeal is over? <\/p>\n\n\n\n<p>It does happen. People have job losses, family emergencies, medical\nevents, and other incidents that lead to financial setbacks. Some loans fall into\nmortgage default. Some homeowners face foreclosure or bankruptcy. In the\nunfortunate event of legal action, courts will examine documentation the\nhomeowner used to get the mortgage. And if misrepresentations were made, they\nwill come to light.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do All Loan Types Allow Gifts for the Whole\nDown Payment? <\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/do-all-loan-types-allow-gifts-for-the-whole-down-payment.jpg\" alt=\"Two people sitting at a table talking about a gift of money for the down payment on real estate. There is also coffee.\" class=\"wp-image-1568\" width=\"380\" height=\"565\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/do-all-loan-types-allow-gifts-for-the-whole-down-payment.jpg 506w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/07\/do-all-loan-types-allow-gifts-for-the-whole-down-payment-202x300.jpg 202w\" sizes=\"auto, (max-width: 380px) 100vw, 380px\" \/><\/figure><\/div>\n\n\n\n<p>Speak with your mortgage specialist about the best kind of\nloan for your situation, including your intent to use gift funds. For a basic\nidea, the popular types of loans apply these standards:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Conventional loans through Fannie Mae and Freddie\nMac:<\/strong> A gift from a relative can fund the full down payment for a primary\nresidence. Freddie Mac also allows loan applicant to use recent wedding gift\nmoney from friends and relatives.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The Federal Housing Administration (FHA):<\/strong> A <a href=\"https:\/\/www.hud.gov\/sites\/documents\/4155-1_5_SECB.PDF\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">gift of cash is acceptable<\/a> from a relative, union, employer, close friend, or nonprofit organization. The money can also be sourced from a public entity that supports first-time home buyers or low- to moderate-income buyers.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Department of Veterans Affairs (VA)<\/strong> <strong>and\nU.S. Department of Agriculture (USDA) loans:<\/strong> VA and USDA loans technically\ndon\u2019t require a down payment. Gifts and gift letters are nevertheless commonly\nallowed to fund down payments for these purchases.<\/li><\/ul>\n\n\n\n<p>In short, most mortgages allow for gift money to fund the\nfull down payment on a primary residence. Lending rules are stricter for the\npurchases of investment properties.<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Your lender may also permit you to use\ngift money for <a href=\"https:\/\/www.deeds.com\/articles\/mortgage-reserves\/\">mortgage reserves<\/a>,\nif you are applying for a conventional loan.&nbsp;Gift money over and above\nwhat\u2019s needed for the down payment may be directed to reserves in an FHA loan.\nAsk your mortgage specialist or loan officer for current information to suit\nyour own situation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Tax Considerations for Gift Donors<\/h2>\n\n\n\n<p>If giving over $15,000 ($30,000 for joint filers) to any one\nrecipient, the donor has to&nbsp;<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/frequently-asked-questions-on-gift-taxes\" target=\"_blank\" rel=\"noreferrer noopener\">declare the gift to the Internal Revenue Service<\/a>. When\nfiling tax returns for the year the gift letter was signed, the donor should\nuse the federal gift reporting form to report the transfer of funds. <\/p>\n\n\n\n<p>The donor won\u2019t pay tax on the gift money. But giving does\nhave tax ramifications, at least on paper. It is subtracted from the lifetime\ngift amount a person may give tax-free. So, the donor will want to check with a\ntax professional for guidance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Few Final Words to the Wise<\/h2>\n\n\n\n<p>Once you have your conditional approval, avoid making big deposits\ninto your accounts (such as an unusual deposit of over half your monthly income)\nuntil after you close on your new property. Note that lenders reexamine your assets\nif 60 days go by since they first reviewed your two months of bank statements.\nLarge deposits into your bank account are also triggers.<\/p>\n\n\n\n<p>It\u2019s good to use a gift (and a gift letter) only if you\nreally need it to get a loan. It\u2019s also good to understand the gift letter\u2019s\npurpose from a lender\u2019s point of view. This understanding can help you steer\nclear of legal problems. It can also help you get your final mortgage approval\u2026right\non time.&nbsp;&nbsp; <\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\"><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/18\/1010\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">18 U.S. Code\u00a0\u00a7\u00a01010:<\/a> Department of Housing and Urban Development and Federal Housing Administration Transactions.<\/p>\n\n\n\n<p class=\"has-small-font-size\"><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/18\/1014\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">18 U.S. Code\u00a0\u00a7\u00a01014:<\/a> Loan and Credit Applications Generally; Renewals and Discounts; Crop Insurance.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Denny Ceizyk with Deborah Kearns (ed.) for <em>LendingTree.com<\/em>: <a href=\"https:\/\/www.lendingtree.com\/home\/mortgage\/gift-letter-for-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Gift Letter for a Mortgage Down Payment<\/a> (updated Dec. 27, 2020).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked. Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.pexels.com\/photo\/red-gift-box-tied-with-ribbon-4397835\/\" target=\"_blank\">Karolina Grabowska<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/senior-mother-and-mature-daughter-in-cafe-3733929\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Brett Sayles<\/a>, via Pexels. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Soon after you receive your loan pre-approval, expect to see documents for a conditionally approved mortgage. One condition might be for you to obtain a gift letter. This happens when someone helps you make your purchase, typically by chipping into your down payment cost. If someone else is helping you, it\u2019s best to ask for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1566","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Funding Your Mortgage: Gifts and Gift Letters - Deeds.com<\/title>\n<meta name=\"description\" content=\"One condition of the mortgage might be for you to obtain a gift letter. 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