Down Payment Assistance - Gift Funds
Post date: Mar 21, 2014 12:42:2 AM
Gift funds constitute money given as a gift to the customer. Information about gift funds is used to verify that the funds are coming from an appropriate source and in an appropriate manner. For example, it helps to ascertain that the gift is not an inducement to purchase a certain property. Appropriate sources are typically relatives, a fiancé or fiancée, or a domestic partner. A gift from any other source may be considered an inducement to purchase and may require a reduction in the sales price.
Customers will be asked to complete a gift-letter document, a copy of which is completed for each individual gift. Be sure to include the following information on the document:
Donor’s name and mailing address including the street, city, state, and ZIP code
Donor’s telephone number, including area code
Amount of gift
Verification of the transfer of gift funds
Recipient (must be the customer)
Donor’s relationship to the customer
Subject property address including the street, city, state, and ZIP code
Location of funds, either customer’s or donor’s account; depository name, address, and account number
Donor’s and customer(s)’ signatures
To avoid delays in processing your loan, please:
For this document
For all documents
Complete the entire gift-letter document.
Send a separate gift-letter document for gifts from different individuals.
Make sure the copies you send are legible.
Do not include documents that have been altered with correction fluid or by other means.
Submit the entire requested document and include all pages (even blank ones).