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Gift Letter for Mortgage: Requirements for Who, What, and How Much

Buying a home is the American dream for many and there are a lot of programs available to accomplish this dream.  But what happens when the buyer needs a little extra funds in order to purchase?  That is where a gift can be very beneficial.  Although it is important to understand gift requirements such as the gift letter, who may be the donor, and verification of the funds.  Overall, there are several ways a gift may help a buyer and we will explain how the gift process works.gift letter

Reasons for a gift on a purchase:

  • Down payment
  • Cover closing costs
  • Pay off debts to qualify
  • Avoiding PMI

So as you can tell, gift funds may help a buyer get into a house in a big…

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