Cash gifts from others can be used toward a down payment or home purchase. In order for a cash gift to be eligible, mortgage lenders require a gift letter that specifies the amount of the gift, its ...

For some fortunate homebuyers, a friend, family member or employer may decide to give them a substantial sum to help with the downpayment on a home. Parents, grandparents, aunts and uncles, your ...

Matt Webber is an experienced personal finance writer, researcher, and editor. He has published widely on personal finance, marketing, and the impact of technology on contemporary arts and culture.

A gift letter for a mortgage confirms that some or all of the borrower’s down payment money is a gift that doesn’t need to be repaid and that the giver isn’t involved in the purchase or ownership of ...

When you buy a home with a mortgage and use a gift of cash or equity toward that purchase, you need to get a gift letter from the donor. A gift letter documents where the gift comes from and confirms ...