If a family member is helping you with your down payment, they must sign a standard letter confirming the money is a true gift and does not need to be repaid.
Why do we need it?
Lenders need to know you don't have additional undisclosed debt. If the money were a loan, it would affect your debt service ratios.
Key Requirements
We will provide a specific template for your lender.
Must be signed by all donors and borrowers.
Must confirm the relationship (e.g., parent/child).
Often requires proof of the funds being deposited into your account.
Need Help?
If you're having trouble locating this document, I can guide you through where to find it.
