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Using Gift Funds To Purchase a Home


Gift funds are an excellent option for Consumers who are short of the funds needed to purchase a home.  Most loan programs allow for the use of gift funds but every loan program has requirements that must be met in order to use gift funds.  This is a general overview of the most common requirements:
  1. A Gift Letter.  A letter filled out by the gifting party and signed by both the Consumer and the gifting party stating that the gifted funds are being gifted with no expectation of repayment.  The letter will state the account being used for the gift funds and the personal contact information from the gifting party.